Allotment of shares to Subscriber

This query is : Resolved

CA. Santosh Jain (Querist)
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01 November 2008 Is it necessary allot the shares to subscribers of MOA & AOA ? Can we received the paid up money in cash by subscribers ?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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01 November 2008 1.yes.
2.yes.

CA. Santosh Jain

CA. Santosh Jain (Querist)
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01 November 2008 what is the procedure for allotment and treatment of cash received ?

CA. Santosh Jain

CA. Santosh Jain (Querist)
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01 November 2008 what is the procedure for allotment and treatment of cash received ?

Reetika Goel

Reetika Goel (Expert)
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01 November 2008 See there is a difference between Subscribed shares and alloted shares.

Shares are subscribed when company comes into existence and for this you give detail of subscription to MOA in Form 1.

Shares are alloted only after a company comes into existence and are alloted by filing Form 2 in which a sheet containing detail of allotees, no. of shares to be alloted and percentage of total paid up share capital is attached which is duly attested by some gazetted officer.

CA. Santosh Jain

CA. Santosh Jain (Querist)
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02 November 2008 In Such case, Should form 2 be filled with ROC ?

Reetika Goel

Reetika Goel (Expert)
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02 November 2008 Yes, Form 2 is to be filed with ROC

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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03 November 2008 THere is no need to make a separate allotment for subscribers to MOA. It is enough if money is collected from subscibers them and share certificates issued through a resolution of Board. No form 2 is required for such shares as they are already allotted while registering the company.

CA Bosu babu

CA Bosu babu (Expert)
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03 November 2008 1.Not required. subscribers of MOA need not be share holders

2.Cash payment is now made by a/c payee cheque or DD only....

CA. Santosh Jain

CA. Santosh Jain (Querist)
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03 November 2008 IF One of the subscriber has not paid the money of subscribed shares,and other new person want to enter as director with shares. in such case what will be procedure ?

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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04 November 2008 Share transfer is the procedure.

CA. Santosh Jain

CA. Santosh Jain (Querist)
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04 November 2008 Could you please expaln the procedure ?

chintan

chintan (Expert)
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17 December 2008 Share Transfer form is to be filed duly signed by Transferor and Transferee and share transfer stamp has to be affixed

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