Subscriber to memorandum of associstion of the Company

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Kamna (Querist)
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10 December 2009 My query is-if in a private company there are 2 subscribers to MOA and both are NRIs, the Company has filed its first balance sheet and the MCA portal is showing the paid up capital mentioned in the balance sheet in the Company's master data, Now the company has realised that both subscribers being NRIs can hold upto certain amount of nominal value of shares under the general permission of RBI, the Company has now allotted the remaining shares to an Indian, for such allotment whether the Company is required to file form 2 or not as this is an allotment to the person other than the subscribers.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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11 December 2009 If the articles of association permits to allot shares to a person other than the share holder allotment is valid. If so e-form 2 has to be filed.

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