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1) Sir how would we know where to apply economic reality test where to apply other tests? What are the conditions?
2) As ABC ltd issue shares by accepting goods at Overvalue, so basically company is receiving more than the nominal value of shares na, so why is it inadequate? Although the value of goods is greater than the nominal value of shares. Please explain me this I could not understand
1) The Court / Tribunal will decide on the basis of either (or both)
2) The goods received are being valued at greater than their fair value
Goods delivered have a fair value of $60 but are being valued at $100 (hence there is an overvalue of $40)
The company issues 100 shares of nominal value $1 each in exchange for those goods
OK?
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