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Incorporation of the company

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(Querist)
18 December 2013 My query is that is there any rule or provision or requirement that there should be a minimum paid up capital of Rs. 1 Lac on the date of incorporation in case of a private company? and how would the company get this minimum amount of rs. 1 Lac?
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
18 December 2013 Yes as per provision of Co. Act 1956 Min 1 lakh capital required for private ltd co formation and must be borne out by promoters only.
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CA Khushboo Nebhnani

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CA Khushboo Nebhnani (Querist)
19 December 2013 sir what can be the source of this 1 Lac?
I mean from where and in what form wil the company get this amount from
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
19 December 2013 Promoters personally have to arrange and there is no specfic requirement or diclosure of exact source to be made.
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CA Khushboo Nebhnani

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CA Khushboo Nebhnani (Querist)
19 December 2013 will this one lac has to be part of the books of the company?
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
19 December 2013 yes of course as paid up capital of company by promoters.
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