Poornima
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[ Scorecard : 129]
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Posted On 23 February 2010 at 11:08
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If a Private company incorporated in Companie Act, 1956 forgots to issue share certificates what are the consequences? Also when & how later on share certificates can be issued??
Plz reply
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Ankur Garg
Company Secretary and Compliance Officer
[ Scorecard : 38232]
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Posted On 23 February 2010 at 11:19
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Time lines for Issue of Share certificate are governed by section 113. you may issue share certificate at a later date. But date on share certificate should be in accordance with section 113.
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Poornima
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[ Scorecard : 129]
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Posted On 23 February 2010 at 11:31
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If company was incorporated in year 2002 and till date it had not issued share certificate, then does that mean Company will be penalised U/s 113 and the company is Private Limited?
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Ankur Garg
Company Secretary and Compliance Officer
[ Scorecard : 38232]
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Posted On 23 February 2010 at 11:59
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There is no question of penalty. For example if the date of allotment is 25.03.2002 then share certificate should be issued to the allottee with in 3 months of allotment as per section 113. So the last date for issue of certificate would be 24.06.2002.
So prepare your share certificate now in 2010 but the date on share certificate would be between 25.03.2002 to 24.06.2002.
However this is not a good practice. Next time be careful.
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Poornima
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[ Scorecard : 129]
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Posted On 23 February 2010 at 12:04
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Sir but what about franking?
Is there any other way
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Ankur Garg
Company Secretary and Compliance Officer
[ Scorecard : 38232]
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Posted On 23 February 2010 at 12:09
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Well for that check the stamping law in force in 2002 in your state. For example if we are in UP then Re. 1 stamping is enough on the share certificate.
Views of other members solicited in this regard.
Total thanks : 1 times
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CS Ankur Srivastava
Company Secretary
[ Scorecard : 860]
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Posted On 23 February 2010 at 15:28
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Yes, the view of Mr. Ankur Garg is right. Certificates may be issued on the back date.However, as he already said, it is not a good practice.
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Poornima
Search on.... for knowledge
[ Scorecard : 129]
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Posted On 23 February 2010 at 16:28
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I agree that issue of share certificate in back date is solution but in that case what about stamp duty charges?
Becoz mere printing of share certificate is not issuance of certificate, we hav to get them stamped then only they will be called as share certificate.
Plz clear my doubt......
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CS Ankur Srivastava
Company Secretary
[ Scorecard : 860]
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Posted On 23 February 2010 at 16:46
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Dear Poornima,
You have to just arrange for the blank share certificates. Then at the time of issue fill up the relevant details. The date of issue must be within 3 months as above Mr. Ankur Garg has already mentioned. Then, signatories 2 directors and 1 Company secretary or authorised signatory shall sign on it.
Stamping:- In case of UP Re.1/- revenue stamp for every Rs.1,000/- (including premium) and common seal.
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CS Ankur Srivastava
Company Secretary
[ Scorecard : 860]
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Posted On 23 February 2010 at 16:48
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Dear Poornima,
You have to just arrange for the blank share certificates. Then at the time of issue fill up the relevant details. The date of issue must be within 3 months as above Mr. Ankur Garg has already mentioned. Then, signatories 2 directors and 1 Company secretary or authorised signatory shall sign on it.
Stamping:- In case of UP Re.1/- revenue stamp for every Rs.1,000/- (including premium) and common seal.
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