PAID UP SHARE CAPITAL

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This query is : Resolved

CA Gangadhar Mishra (Querist)

19 December 2009 A pvt ltd company was incorporated on sept.09 with a auth. capital of Rs.50.00 lacs and the paid up capital was actually Rs.5.00 lacs. But by mistake the paid up capital was written as Rs.50.00 lacs. The directors are not interested to invest 50lacs in the company, so what is the best option available to the company as well to the directors.
pl. give your suggestion with reason.

Rasesh

Rasesh (Expert)

19 December 2009 You can keep the paid up capital as 5 lacs. Fill the form 2 only for 5 lacs. There is no liability on the directors to increase the capital as was committed earlier.

CA Gangadhar Mishra

CA Gangadhar Mishra (Querist)

20 December 2009 I am not agree with mr Rasheshshah, in this case form 2 need not be issued , since the subscriber to the moa have clearly written their individual shareholding amounting to Rs.50.00 lacs.Further, in company master data the paid up and auth. capital shows as 50.00 lacs, so, form-2 now issued means the paid up capital will be 55.00 lcas as per your suggestion.

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