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Querist : Anonymous

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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????????
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CS REMESH B

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CS REMESH B (Expert)
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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