After formation procedures

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suja sathish (Querist)

07 September 2013 I have Incorporated one limited company last month.All directors are relative. can anybody tell me the List of mandatory compliances for limited company describe in brief.

also the authorised share capital is 50 lakhs.the company now want to purchase a land costing 75 lakhs.how can this transaction arrange. can i suggest acceptance of loan from director above the authorised capital limit? what are the formalities and procedures in this connection

shivaji prasad bhimavarapu

shivaji prasad bhimavarapu (Expert)

08 September 2013 Conduct First meeting of directors and fix up certain things.Accounting year,registered office,certificate of incorporation,Bank account,common seal,auditors,subscribers to memorandum as per the forms filed with ROC etc.,
Company can take loans from Directors above the authorized capital level.Pass resolutions in Directors meeting but the rate of interest charged is to be within the RBI limits.Such directors who are interested should not participate in voting.

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