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Private company incorporation

This query is : Resolved 
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(Querist)
04 December 2013 Dear Sir,

A client who has 7 years of experience as an ASSISTANT DIRECTOR in FILM INDUSTRY has approached us.He wants to incorporate a PRIVATE LIMITED COMPANY.He told that doesn't have any financial support from his family.

He is ready with story,script,technical team & everything else except for money.

Proposed budget for film is 1crore.He is planning to collect this from 100 people who invest 1lakh each.

Query:We are not sure about the background of the client.So what if the client collects 1crore & runaway?
Since the CA signs MOA, AOA,what is the risk of CA?
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Ajay Mishra

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Ajay Mishra (Expert)
04 December 2013 No risk for CA.

If the promoter want to incorporate a private company they can incorporate company with 100 members as per new Companies Act, 2013.

CA will only check the compliance provisions.
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N.Harish Ballal

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N.Harish Ballal (Querist)
04 December 2013 Thank You for your reply sir.
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Ajay Mishra

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Ajay Mishra (Expert)
04 December 2013 My Pleasure...........
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