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As per Companies Act, 2013, the Company can raise money through three ways i.e public offer, private placement, right or bonus issue.
Private placement means the issue of shares to select group of investors, instead of inviting public at large.
As per the Companies Act, 2013, The Company shall keep the Monies received on the application in a spate account in a scheduled bank. The money so received can be utilized for the following purpose only:
Further, if the share is issued to a non-resident then the company shall comply with the provisions of FEMA.
The Company has to maintain a complete record of Private placement in Form PAS-5.
As per the Companies Act, 2013:
However, Company raising foreign investment shall also comply with the provisions of FEMA:
The company who fails to allow within the time limit of 180 days from the receipt of the money, may make an application to RBI to grant relaxation on the clause of allotment.
On merits of the case, RBI may grant some relaxation for refund/allotment of shares for the amount of consideration outstanding beyond a period of 180 days from the date of receipt of consideration.
A return of allotment of shares shall be filed with the Registrar within 30 days of allotment in the Form PAS-3 and with the prescribed fees along with a complete list of all security holders containing-
However, in case of shares issued to non-resident shall in addition to above comply below provisions.
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