Share Capital introduced by director
This query is : Resolved
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Pragati Sharma
(Querist)
18 June 2020
Dear Expert,
1. An individual takes personal gold loan of Rs. 10 Lacs. The bank transfers the gold loan money in his savings account.
2. Now he incorporates a OPC with paid up capital of Rs. 5 Lacs.
3. He transfers Rs. 5 Lacs from his saving account to company current account for paid up share capital.
Query: Is there any restriction on this source of share capital?
1. An individual takes personal gold loan of Rs. 10 Lacs. The bank transfers the gold loan money in his savings account.
2. Now he incorporates a OPC with paid up capital of Rs. 5 Lacs.
3. He transfers Rs. 5 Lacs from his saving account to company current account for paid up share capital.
Query: Is there any restriction on this source of share capital?
18 June 2020
As per my opinion there is no restriction.
Message likes :
1 times
18 June 2020
Borrowed money can be used for share capital subscription, no restriction.
Pragati Sharma
(Querist)
18 June 2020
thank you so much sir.
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