Get 3 Yrs of CCI Pro Membership at Greater Value. Subscribe Now!

Failure to bring in subscription money

Save Share

Join Us Follow Us Add as Source

This query is : Resolved

Report Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

18 September 2018 Hi
We incorporated a company in 2017 with an authorised capital of INR 5 Crores divided into a total of 50,000 shares of Rs 1000 each among 5 subscribers to the memorandum. Without good advice we proceeded by paying a huge fee as stamp duty. The subscribers have fully taken the shares ie 10,000 share per subscriber. We are not planning to bring in 5 crores as it is a new company. So far we have raised 1.75 crores as capital.
My question is, is it okay to treat the 1.75 crores as paid up and the rest as simply subscribed and not called. Will this scenario act against our favour when it comes to ROC filing.

Thanks

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

18 September 2018 Subscribed capital should be shown as Rs. 5 crores and Rs. 3.25 crores to be
shown as debts due from director's in the balance sheet.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now