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V.S. Datey on Companies Act, 2013
  • Preference shares against advance received

    by K S Iyer on Wednesday, May 02, 2018 at 01:04 PM

    Sir,W.r.t the earlier query,X P Ltd received commercial advance from Y P ltd,which is later agreed to be converted to NCNCPre shares.I understand from answer that after getting Y's consent and SPl Resolution it can be converted under Private Placement mode.(a)Since money has been already received and used, how about the compliance of receipt and deposit in separate bank account till allotment(b)book value being negative, whether issue at FV would have any Incometax implication? Regards

    Replied byV.S. Datey Wednesday, May 02, 2018 at 02:30 PM

    a canot arise n. no - how it cn affect income tax? V S Datey
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