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Share capital

This query is : Resolved 
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(Querist)
08 June 2013 Hello,

A company is incorporated in June 2011 with a issued of share capital of Rs 100000/-, but the same is been received in the month of Dec 2012.
So whether it is been allowed as per the companies act???
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Ajay Mishra

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Ajay Mishra (Expert)
14 June 2013 Hi

Yes, it is allowed.

In accordance with the provisions of section 36(2) of the Companies Act, 1956, all money payable by any member to the company under the MOA or AOA shall be debt due from him to the company. Further, a subscriber to the memorandum must pay for his shares in cash even if the promoters have promised him the shares for services rendered in connection with the promotion of the company.
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