Subscribers to the moa

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 August 2016 What are the relevant provisions under the Companies Act, 2013, if any member whose name is entered in MOA as subscriber failed to pay the amount of subscription?

CS Mitesh Mehta

CS Mitesh Mehta (Expert)
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30 August 2016 Time period of issue a share certificate (Section 56 (2)) Subscriber to the memorandum :- 2 months from the date of incorporation

Penalty: Company: – 25,000 Rs but which may extend to 5,00,000 Rs Officer :- 10,000 Rs but which may extend to 1,00,000 Rs