[aaykarbhavan] Rect of Share Application Money, when Authorised Share Capital is insufficient

Hi,

Someone may please clarify my following query :

ABC Private Limited had Authorised Share Capital of Rs.1 Lac for FYE 31.03.11.

Company also had Share Application Money of Rs.5 Lacs for FYE 31.03.11.

Query

Is there any restriction that Share Application Money cannot be received, if the company has no Authorised Share Capital, as similar in the above situation?

If there is any DCA Circular or reference restricting Share Application Money only to the limit of Authorised Share Capital, please share with me for my information.

Ans : .................

Thanks for everyone in advance.



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