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V.S. Datey on Companies Act, 2013
  • Caro reporting

    by Mukesh on Saturday, December 01, 2018 at 07:36 PM

    A Pvt. Ltd. Co. has made private placement of equity shares due to an arbitration award. The Co. had recd. some money in 2015 as advance agst. property sale. Shares were allotted in 2018 due to arbitration award due to non fulfillment of CO's commitment to sell the property. How to report for Section 42 compliances in CARO report like deposit of money in separate bank account, share money utilized for the purpose for the which the shares were issued and other compliances mentioned in Section 42.

    Replied byV.S. Datey Sunday, December 02, 2018 at 12:59 PM

    if as per arbitratiion award - section 42 cannot be and need not be complied with report accordingly - if system accepts If system does not accept, write detailed letter to ROC and inform that system is not accepting the return and hence u are helpless - ask for his guidance how to comply V S Datey

 
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