Query reagrding 187c

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 July 2012 Dear fellow professionals,

X Ltd has been incorporated as a wholly owned subsidiary of Y Ltd with a paid -up capital of Rs. 5,00,000/- comprising 50000 shares of Rs. 10/- each.

Out of the said 50000 shares, 49994 shares have been agreed to be subscribed by Y Ltd in MOA and rest 6 shares are agreed to be subscribed by 6 persons who are the employees of Y Ltd as nominees, in order to fulfill the minimum requirement of 7 members in a public company.

Now my query is with regard to the compliance of Section 187C. As per this section declaration is to be given within 30 days of entering of name in register of members.Since their names have been entered as subscribers to MOA, then whether the declaration must be filed within 30 days of date of incorporation or within 30 days of allotment (which will be done only after obtaining certificate of commencement of business)?

Please give your views.

Ajay Mishra

Ajay Mishra (Expert)
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23 July 2012 Hi

I think, it will cover under section 49 of the Companies Act, 1956 and the nominee details is already mentioned in MOA, so as per my understanding no need to go in section 187C of the Companies Act, 1956.

Other views are also solicited.

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