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Companies act 1956 - urgent query

NIDHI KAPOOR (sxacacac) (82 Points)

27 October 2014

Dear All,

Facts of the matter:-

Name of Company - ABC Limited

Incorporation date - 1 January 2014

Commencement of Business date- 21st March, 2013

Subscripttion Amount as per MOA - Rs. 50 Lacs (divided into seven shareholders )

Paid up capital - Rs. 50 Lacs

Now, as on 31st march 2014, the out of Rs. 50 lacs amount of Rs. 44 lacs not transferred in the Bank. The subscripttion amount of Rs .6 lacs came from only 1 shareholder. The remaining amount by all other 6 shareholders were transferred in bank on April.

If the Companies wants to file the Balancesheet of 31st March 2014, what will be the road map for this.

Urgent reply needed.

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2 Replies

P C Agrawal (Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad) (8229 Points)
Replied 27 October 2014

Option I:

First financial year can be of 15 months upto 31.3.2015.

Option II:

If first financial year is closed on 31.3.2014, paid up share capital will have to be shown as Rs.50 lacs and amount not paid till 31.3.2014 will have to be shown as debt due from the shareholder to the company u/s 10(2). You may also check paid up capital shown at the time of getting certificate of commencement of business.

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NIDHI KAPOOR (sxacacac) (82 Points)
Replied 27 October 2014

Originally posted by : P C Agrawal

Option I:

First financial year can be of 15 months upto 31.3.2015.

Option II:

If first financial year is closed on 31.3.2014, paid up share capital will have to be shown as Rs.50 lacs and amount not paid till 31.3.2014 will have to be shown as debt due from the shareholder to the company u/s 10(2). You may also check paid up capital shown at the time of getting certificate of commencement of business.

Dear Sir ,

But if the Company's first AGM is to be held in or after April, 2014, aren't provisions of CA 2013 will be applicable, and if they do, AGM is to be held within 9 months of the last fianacial year and for us it is 31st March, 2014 and have to proceed with the same balancesheet.

Correct me if i am wrong.

Rgds

Nidhi