Initial authorised and paid up share capital

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Nidhi Verma (Querist)
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08 March 2014 The query is regarding deposit of authorised and paid up share capital in bank account:

One of my client - a private limited company incorporated in July 2013 - never deposited initial share capital of Rs. 100000/- in company's bank account. My question is:

1. can a company keep its share capital in the form of cash in its cash book.
2. Is it altogether mandatory to deposit the initial share capital money in bank account or the company can carry the amount in its cash book and show the utilisation in cash only.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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08 March 2014 1&2. No express provisions in the act.

1&2. Prudence says no.

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