Query on FCGPR

[Bharat Hegde]

Dear Members,

 

Kindly suggest me on the following:

 

A Pvt. Ltd. Company was incorporated in April, 2009. It is a wholly owned subsidiary of a foreign body corporate. At the time of incorporation, the foreign holding company subscribed 9,999 shares in the company out of 10,000 shares (MOA Subscription).

 

The Inward remittance of Rs.1,00,00,000/- (one crore) came in Sept 2009 towards allotment of equity shares. The company allotted 9,00,000 equity shares in May 2010 (after 8 months of inward remittance) after deducting Rs.99,999/-  towards MOA Subscription. No FCGPR is filed till date.

 

Now the queries are whether we have file one FCGPR or two ( One for MOA subscription and another for allotment) and

 

What would be the penalty for 1. Delay in allotting the shares

 

                                             2. Delay in filing  of FCGPR

 

Thanks and Regards,

Bharat Hegde

Company Secretary

Bangalore

Cell: 9482016707

[Vivek Hegde]

Dear Bharat

If the dates of allotment are different (i guess that is the case) you will have to file two separate FCGPR.

1. You have to file the FCGPR and go for compounding of offence. There is no prescribed penalty. It is be the discretion of the AT.

I heard couple of instances where the amount of penalty levied is more that 10 lacs.   

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Warm Regards

CS Vivek Hegde,B.com, ACS, CWA
Company Secretary in Practice
No. 405, 4th Block, 7th Cross
Koramangala, Bangalore-560034
Mob: 09019756940/09900898223

[Jayashree Chandrasekaran]

Allotment has to be made within 180 days of receipt of money...so kindly see to it that you make the allotment within that time...so that your case will be only delayed filing of FCGPR...

Jayashree

On Fri, Dec 10, 2010 at 3:58 PM, Bharat Hegde <bharath...@gmail.com> wrote:

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C.JAYASHREE

PARTNER

S.GANESH&ASSOCIATES

CHENNAI

98840 17120

[Vivek Aggarwal]

Dear Bharat

 
You need to file only one FC-GPR Part A as this is filed on issue of shares by the Company. In your case, as shares have been issued for MOA subscription and further allotment, you can show both in point 4 (a) by specifying as IPO & FPO in bracket against the figure of no. of shares issued.

Regading penalty, please check the provision of FEMA Act.

Regards
CS Vivek Aggarwal

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From: Bharat Hegde <bharath...@gmail.com>
To: e-parivar <csmy...@googlegroups.com>
Sent: Fri, 10 December, 2010 3:58:59 PM
Subject: [CSMysore] Query on FCGPR

[Bharat Hegde]

Dear Vivek and  Madam,

 

Thanks for your valuable suggestions.

 

I could not back date the allotment as there was no enough authorised capital. Authorised capital was increased in May 2010. So there will be 2 months delay in allotting shares.