issue of shares

This query is : Resolved

MANOJ KUMAR JAIN (Querist)
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13 March 2010 three promoter formed a new company for takeover the business of proprietorship business in this case one promotore is a proprietor of that proprietorship concern & second is spouse of one & third is friend of second, now that in this situation clarify the issuence of share to shareholders :
that after issue minimum shares as per moa & aoa, is it necessary to issue the shares to be proprietor.

(co. authorised capital 10 lac
issued capital 3.00 lac (1.00 lac to each)

proprietor capital as on take over date 20.00

Rasesh

Rasesh (Expert)
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13 March 2010 There are two ways of dealing with the situation.

1) Increase authorised capital and Issue shares.

2) Show the balance amount as loans from director.

Option 1 is preferable.

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