Queries regarding the Paid Up Capital in Form 2.

This query is : Resolved

Guest

Guest (Querist)

03 June 2010 Queries regarding the Paid Up Capital in Form 2

ABC Ltd had Equity paid up capital of Rs.14,50,76,030/-.

Subsequently, the company issued 71,41,750 equity shares at Rs.10/- each.

71,41,750 equity shares were partly paid up at Rs.5/- per share.

Query 1 : Form 2 was filled in the following manner - Please confirm the correctness. I am unable to find out the ERROR:

Number of shares allotted – 7141750
Nominal amount per share – 10
Total nominal amount - 71417500

Amount paid per share on application - 10
(excluding premium)

Total amount paid on application (excluding - 71417500
premium)

Query 2 : Form 2 was filled in the following manner - Please confirm the correctness. I am unable to find out the ERROR:

- Sl. No.6 (b) (c) (d) were filled with Rs.21,64,93,530.
- Company Master Details also updated with Rs.21,64,93,530.

Query 3 : Now, the company has put paid up capital as Rs.180,784,780/- in Balance Sheet. I am unable to understand.

Experts may suitably advise / guide on the above queries.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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03 June 2010 My understanding is given below.
Amount paid per share on application --Rs.5/-
Total amount paid on application --Rs.3,57,08,750/-
Column 6(d)-- Rs.18,07,84,780/-
Except this, all others in query-1 and query-2 is O.K.
Rs. 5/- per share is yet to receive from share holders, hence amount in query-3 is correct.

Guest

Guest (Querist)

03 June 2010 Thank you for your instant response Sir.

From your reply, I understand that the Form 2 was wrongly filled with Rs.10/- (instead of Rs.5/- only) and consequently, the Company Master Details got updated accordingly.

Sir,

Should the company again file Form 2 on the receipt of balance amount Rs.5/- per share on 71,41,750 equity shares ?

I shall wait Sir.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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04 June 2010 1) Correction:-
Column 6(d) is Rs.21,64,93,530/-
2) Last column of list of shareholders prepared as per Table-B and attached with e-form 2 will show the total amount to be paid on calls viz., Rs.3,57,08,750/-
3) Balance sheet figure and e-form 2 figures will tally when read along with Table-B.
4) No need to again file e-form 2 for 71,41,750.

Guest

Guest (Querist)

05 June 2010 Sir,

In continuation of my query, I have the following doubts :

Already Company Master Details updated with Rs.21,64,93,530 (due to the mention in Sl. No.6 (b) (c) (d) for Rs.21,64,93,530).

Now, as the company mentions paid up capital as Rs.180,784,780/- (Note : company is yet to receive balance Rs.5 per share on 71,41,750 equity shares) in Balance Sheet, this can impact the Company Master Details.

Still, I am unable to have clarity on the matter Sir.

I may request you to just clarify me on the matter.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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05 June 2010 Unless calls in arrears is displayed in Master data, as per my understanding, this disparity exists. Consequently,though Master data contains vital information,in the matter of paid up capital reliance may be given to search report.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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07 June 2010 Sir

Another view emerged ,on discussion, from learned people is given below for your perusal.
1) Figure in column 6(d) of e-form 2 should be Rs. 18,07,84,780/-.Accordingly master data will show this amount as paid up capital.
2) Total amount of equity shares as in column 9 of 20 B filed,in the usual course, subsequent to the receipt of Rs. 5/- per share (total Rs. 3,57,08,750/-)should be filled as Rs.21,64,93,530/-. On approval of e-form 20 B, paid up capital in master data will automatically get updated to Rs. 21,64,93,530/-.

Guest

Guest (Querist)

07 June 2010 Sir,

Point No.1 of your latest reply is very much in order and seems perfect, as the same was exactly in my mind.

But, as I could not hear from you earlier, I was bit uncomfortable.

Now, I am so convinced and very comfortable with your latest reply.

Thank You Sir.

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