Subscriber to moa doesn't pay money
Querist : Anonymous
If subscriber to MoA doesn't pay money then with which timelimit he should pay
And what are the consequence if not paid with the time limit
Please reply its urgent.
For non-payment statutory auditor may object and qualify auditor report.
Thanks
Form-2 is not required to be filed for subscribers hence no formal allotment is required in case of subscribers. They are deemed members and shareholders of the Company.
Regarding receipt of payment from subscribers I would say ideally such amount should be deposited by the subscribers after incorporation of the co. in the newly opened bank a/c of the company and record the same in the first BM Minutes. (as told you earlier).
Alternatively, as there is no tracing (as far as ROC is concerned) of such amount, it may be deposited by them later. As a CS i would suggested you should opt I option to avoid any kind of future problem.
DATE OF ALLOTMENT TO SUBSCRIBERS AND DATE TO BE MENTIONED ON SHARE CERTIFICATE
Date of allotment to subscribers will be the date of incorporation of the company and the same date will also be used for printing on share certificate to be issued to subscribers.
Practically & legally this is very much possible. To conclude you may use Date of Incorporation of the company for the purpose of:
1. Printing on share certificate of subscribers
2. as date of Allotment to subscribers
3. For the purpose of filling the column in register of member to enter the name of subscribers.
Even if you receive the amount from subscribers after 6 months the date of deemed Allotment and date on share certificate would remain the same i.e. date of incorporation of the company.
In case of any doubt please post it. I’ll definitely try my best to solve it.
Best Regards
pls refer for more details
Querist : Anonymous
I read Sec 248 (1)(b) of Co's Act 2013 wrt Chapter XVIII, where the said sec says that ROC has power for removal of name of the company under the following circumstances.
In which 1 of the circumstances was Non payment of money by subscriber with 180 days from date of incorporation.
Does it mean that 180 days is the time limit
Querist : Anonymous
What if Company has failed to issue Shares and Subscriber has only signed the MoA.
Querist : Anonymous
What if Company has failed to issue Shares and Subscriber has only signed the MoA.
Further no formal allotment to subscribers is required. Like in CA 1956 we never filed form 2 for allotment to subscribers.
So in any case subscribers will be the first shareholders in the company.
Thanks
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