Subscriber to MOA
This query is : Resolved
13 June 2010
How we can remove a subsciber to MOA, we have not filed any form 32 or DIN 3 of that company, and not allotted any shares to him actually..
How we can remove a subsciber to MOA, we have not filed any form 32 or DIN 3 of that company, and not allotted any shares to him actually..
14 June 2010
I assume that you have obtained DIN for all the Directors. Is the subscriber to MOA is a Director or Not? Your first job is to file DIN 3 for the Company, otherwise you may not be able to file any forms. If he is a subscriber to Memorandum, he should have undertaken to subscribe for a specified no. of shares in MOA, and these shares should have been allotted and form 2 filed before the specified period. Whether he is a Director or not is not clear in your question. If he is a Director he should cease to be a Director by resignation and Form 32 has to be filed. He may sell or transfer his shares to designated person as agreed. If he is not willing, this cannot be done. There is not question of removing from MOA.
CA G. SURYANARAYANAN
CA G. SURYANARAYANAN
14 June 2010
We have not obtained any DIN for that director, he has subscribed for 10 shares in MOA and i think no separate Form 2 is necessary for this allottment and hence that too is not made.
The only connection the company has with that person is his name in MOA, now how can we avoid?? We have not issued a share Certificate to him...
The only connection the company has with that person is his name in MOA, now how can we avoid?? We have not issued a share Certificate to him...
14 June 2010
I hold a different view.
The fact that the subscriber is a director or not is not relevant. The subscribers to the MOA are deemed shareholders. Form 32 or DIN 3 does not come into picture. Moreover, the DIN rules have been amended long back and now DIN 3 is not required to be filed. Only Form 32 is sufficient.
form 2 is not required for the subscribers of MOA.
In my view, you cannot avoid the connection in MOA.
The fact that the subscriber is a director or not is not relevant. The subscribers to the MOA are deemed shareholders. Form 32 or DIN 3 does not come into picture. Moreover, the DIN rules have been amended long back and now DIN 3 is not required to be filed. Only Form 32 is sufficient.
form 2 is not required for the subscribers of MOA.
In my view, you cannot avoid the connection in MOA.
Message likes :
1 times
14 June 2010
I totally agree with the clarification given by Mr.Rasesh. He can concurred with my view that the Company can not remove from MOA and thus avoid it. I think this is the main concern of Mr.CA Shiburaj who has raised the issue.
CA G. SURYANARAYANAN
CA G. SURYANARAYANAN
14 June 2010
Thanks dear experts
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
