Paid up capital not received
Querist : Anonymous
They do not want to do any legal proceeding on one another as they are brother
In accordance with the provisions of section 36(2) of the Companies Act, 1956, all money payable by any member to the company under the MOA or AOA shall be debt due from him to the company. Further, a subscriber to the memorandum must pay for his shares in cash even if the promoters have promised him the shares for services rendered in connection with the promotion of the company.
Querist : Anonymous
thanks for reply
but the both promoters cannot bring any of the amount as paid up capital what action should be taken by CA and CS, would there be any effect in balance sheet,
would the company would be wind up
Querist : Anonymous
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