A Private Limited Company was incorporated in August 2013. Accounts were finalized for the period ended on 31/03/14. However, the Company did not receive Subscription Amount from the Subscribers to MOA till date.
Query
I need to understand the non-compliance and whether there is any penalty under CA 2013.
Your reply, please..............
Thanks in advance for possible replies from all concerned.
As per Sec.10(2) of the Companies Act, 2013, all money payable by any member to the company under M0A and AOA shall be a debt due from the member to the company.
Allotment of shares has to be for cash/consideration in lieu of cash. Till the amount is received, it is a debt due from them and has to be shown accordingly in the financial statements for year ended 31.3.2014
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