Paid capital of a private limited company

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 January 2010 A private limited company which was incorporated in 2002 has a paid up capital of Rs.10000 (Rs ten thousand only)(not Rs one lakh-violation of the Act.). Till 2006, the company had filed annual accounts and returns mannually and nobody had any objection. Now while trying to upload annual returns for the years 2007-2009,Iam not able to upload the returns. Please suggest me as to the steps to be taken to correct the situation and file the returns.

Ankur Garg

Ankur Garg (Expert)
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20 January 2010 Hi,

As per my suggestion very first course of action on your part should be to enhance your paid up capital to statutory minimum. So make fresh allotment of shares and file form 2 with ROC and then try uploading of AR and other forms.

Regards

CA krishna Kamthe

CA krishna Kamthe (Expert)
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20 January 2010 I agree with Ankur after filing form 2
in your master data it will reflect paid up capital valuse as rs 100000.

sivadas chettoor

sivadas chettoor (Expert)
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20 January 2010 Attention is invited to Sec 3(5) of the Companies Act whereby your company was granted time up to 12-12-2002 to raise your capital to Rs 1 lakh. Since you have not done that your company shall be treated as a defunct co. So your co has already become a defunct co and on reading the section I get the impression that the ROC is duty bound to strike off the company's name from the register. If that be so you cannot be invited with penal consequences for non-filing of returns etc.

siva208@yahoo.com