yamun Ltd. invited general public to subscribe for its public issue of rupees 10 crore (10 lakh shares of rupees hundred each ) through issue of prospectus. however the company received applications for 800000 shares. can the company proceed with the allotment of shares ?give reasons in support of your answer (3marks)
a Ltd.was issued certificate of incorporation by the registrar on 10th February 2018 power the date mentioned on the certificate was 1st February 2018 the company entered into a contract for purchase of land with B Ltd on 5th February 2018 now be Ltd is not interested to sell the lack as it is getting the higher price from another buyer can a Ltd file case against B Ltd give reasons in support of your answer
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Answers
Answer:
yes the company will proceed up to the share because the the fare from that company is more than the people apply so in this case the term that is used under subscription is applied here....
answer:
No , Yamuna Ltd., cannot proceed with allotment of shares as minimum subscription has not been received . <br> In order to prevent companies from commencing business with inadequate resources , it is provided that a company must receive the amount of minimum subscription in cash within 120 days from the date of issue . <br> Minimum subscription is 90 per cent of the issued amount ( according to SEBI guidelines) . Otherwise , the allotment cannot be made and the application money received must be returned to the applicants within the next 10 days (i.e., 130 days from the date of issue ) .
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