https://www.taxtmi.com/circulars?id=10950 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. en-us Mon, 13 Mar 1978 00:00:00 +0530 Fri, 17 Jun 2011 18:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=10950 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. Circulars Companies Law Mon, 13 Mar 1978 00:00:00 +0530 https://www.taxtmi.com/circulars?id=10950