Investment Valuation in India

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Sec 42 of the Companies Act 2013 talks about PRIVATE PLACEMENT and SHARE APPLICATION AND ALLOTMENT. The section will have huge impact on a number of private companies who have been exploiting the share applications and transfers. Private Placement offer for maximum 200 persons in a financial year; Special resolution to be passed at a Members General Meeting for each offer; Issue Price justification required in Explanatory Statement to the Notice of Meeting; Minimum share application from each person to be Rs.20,000/- face value of shares; Fresh offer not allowed until allotment of previous offer completed; Share application Money cannot be received in cash; Separate bank account should be operated for receipt of share application money; Share Application money cannot be utilized for any purpose other than allotment; Allotment to be made within 60 days of receipt of share application money, or else to be refunded within 15 days of expiry of 60 days; In case of delay in r

The financial statements would include Cash Flow Statements and A Statement of Changes in Equity. Sec 2(40) of the Companies Act defines Financial Statements as follows: “ financial statement ” in relation to a company, includes— (i) a Balance Sheet as at the end of the financial year; (ii) a Profit and Loss Account, (Income and Expenditure Account for not-for-profit companies) for the financial year; (iii) Cash Flow Statement for the financial year; (iv) a Statement of Changes in Equity, if applicable; and (v) any explanatory note annexed to, or forming part of, any document referred to in sub-clause (i) to sub-clause (iv): One Person Company, Small Company, Dormant Company are NOT required to prepaare Cash Flow Statement. Sec 2(85) defines Small Companies as: ‘‘small company’’ means a company, other than a public company,— (i) Paid-Up Share Capital does not exceed Rs 50 Lakhs   [or such higher amount as may be prescribed which shall not be more than Rs 5

MCA has clarified that the financial statements (and documents required to be attached thereto), auditors report and Board's report in respect of financial years that commenced earlier than 1st April, 2014 shall be governed by the relevant provisions/Schedules/rules of the Companies Act. 1956.