Allotment of shares to the promoters
This query is : Resolved
Mamta Batra
(Querist)
02 February 2010
Is there any time limit mentioned under the company law to depsoit the amount of equity share capital(subscribed in the MOA)in the bank account of the newly incorporated company?
Ankur Garg
(Expert)
02 February 2010
No there is no statutory time limit any where mentioned in law.
However as per the intention of law the same is required to be deposited immediately after opening of bank account w.r.t. the board resolution passed in the Ist board meeting for opening of bank account.
However as per the intention of law the same is required to be deposited immediately after opening of bank account w.r.t. the board resolution passed in the Ist board meeting for opening of bank account.
Mamta Batra
(Querist)
02 February 2010
can the promoter deposit the amount in installments say first month 1,00,000 then again second month 1,50,000 and so on.
Mamta Batra
(Querist)
02 February 2010
can the promoter deposit the amount in installments say first month 1,00,000 then again second month 1,50,000 and so on.
Ankur Garg
(Expert)
02 February 2010
As there is no tracing (as far as ROC is concerned) of such amount, it may be deposited by them later or in installments. However if you follow the intention of law that would be great to avoid any kind of future problem.
02 February 2010
There is no provision in the Act to allow the promoters to deposit the amount in instalments.
At the same time, as stated by Mr. Ankur, there is no statutory time limit any where mentioned in law for depositing of the subscription amount. However, as a matter of good governance, the same should be done at the earliest.
At the same time, as stated by Mr. Ankur, there is no statutory time limit any where mentioned in law for depositing of the subscription amount. However, as a matter of good governance, the same should be done at the earliest.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- EPF ECR NEW RULES Sep 17th 2026
- Issuing of delivery challan by seller of goods
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- MSME disclosure and disallowance
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
