Allotment - Return of ‑ Shares allotted by a company to a person in lieu of a genuine debt due to him ‑ Whether in compliance with provisions of the section
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Allotment of shares in lieu of debt: treated as cash allotment when the genuine debt is liquidated by share value. Allotment of shares issued in satisfaction of a genuine debt is compliant with the statutory requirement for allotment for cash when the company's genuine ... Summary
Allotment of shares in lieu of debt: treated as cash allotment when the genuine debt is liquidated by share value.
Allotment of shares issued in satisfaction of a genuine debt is compliant with the statutory requirement for allotment for cash when the company's genuine debt is liquidated to the extent of the shares' value; the physical passing of cash between company and allottee is not necessary, whereas allotments made in exchange for non cash forms of consideration are not to be treated as allotments for cash.
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