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Querist : Anonymous

Querist : Anonymous (Querist)

10 March 2010
Sir,

Is that compulsory that the person mentioned in the Form 1A as promoter should subscribe the shares(to be mentioned in MOA)of the company????????

CS REMESH B

CS REMESH B (Expert)
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11 March 2010 Hi
If one of the promoters named in Form 1A is not willing to subscribe the Memorandum then he should give a No Objection Certificate to other promoters. Other promoters can include somebody else as new promoter and proceed to incorporation. The NOC given by the out going promoter shall be countersigned by a professional (CS/CA who witnesses the MOA) and the NOC shall be scanned and attached with Form 1 (This is the procedure adopted in Kerala ROC and may change in other States)

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