Consideration other than cash

Bishnu (Querist) 12 May 2015 This query is : Resolved
Dear Sir,

Our company (Farmer Producer Co.) got Capital Support From Govt Agency . when we allot shares to shareholders then it's shares allotted for cash consideration or consideration other than cash .

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Guest (Expert) 12 May 2015
Mr. Bishnu,

I wonder, if you have expressed your real problem, as a Finance officer of the company.

Can you please give full description of the problem along with the information whether your company has employed any Company Secretary and Chartered Accountant or not?

Also, what is your own qualification, as a Financial Officer of the company?

Bishnu (Querist) 12 May 2015
Dear Sir ,

It's Not the Company I work for . Any way I am CA Inter Pursuing CA FINAL
This Is Farmer Producer Company as defined under Sec 581 A in part IXA of Company’s Act 1956.
The Co is of Small Farmers they have not appointed CA / CS but A CS in Practice has filed its documents.

They have Consulted Me about some issue then i learn that they have got Equity Capital Support From GOI Agency for Double the EQ Share Capital . My concern was real Shareholder (Farmers In this case has not given any money to Company but Co Received Amount in Bank for GOI Agency . Then In this case Shares issued should be treated as shares issued for cash consideration or it should be treat as shares issued consideration other than cash