Issue of share certificates
This query is : Resolved
19 February 2017
Dear Experts
My company was incorporated in the month of Nov 2016 but account opening took 3 months owing to PAN and other formalities. Thereafter we received share application money from subscriber to Memorandum of Association of Company.
Time limit for issue of share certificate is 2 months from the date of incorporation of Company (section 56). How should we go forward now? Three months have already been passed.
Waiting for your valuable suggestions. Thanks in Advance!
Regards, Nitin
My company was incorporated in the month of Nov 2016 but account opening took 3 months owing to PAN and other formalities. Thereafter we received share application money from subscriber to Memorandum of Association of Company.
Time limit for issue of share certificate is 2 months from the date of incorporation of Company (section 56). How should we go forward now? Three months have already been passed.
Waiting for your valuable suggestions. Thanks in Advance!
Regards, Nitin
20 February 2017
FIRST SUBSCRIPTION MONEY CAN BE ACCEPTABLE IN CASH ... SO TREAT THAT ALL MONEY OF FIRST CAPITAL AS CASH RECEIPT FOR SHARES. AND ISSUE SHARE CERTIFICATE
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22 February 2017
Thanks Jay!
But the subscribed capital is Rs. 10 Lakhs. This can't be shown as cash contribution. What to do now?
But the subscribed capital is Rs. 10 Lakhs. This can't be shown as cash contribution. What to do now?
27 February 2017
WHY IT CANT BE SHOWN AS CASH? ... FIRST CAPITAL MONEY COULD BE IN CASH
04 March 2017
The directors don't have that much cash with them.. If done so, they won't be able to justify in front of Income Tax authorities. That's why the contribution can't be shown as Cash payment.
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