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Subscribers to the memorandum of association

This query is : Resolved 
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(Querist)
17 May 2018 Dear Experts,

Can a company accept cash in lieu of the shares issued to the subscribers of memorandum ?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
17 May 2018 There is no prohibition under the Companies Act, 2013 for receiving the subscription
money in cash. However, the Company and /or subscriber(s) has(ve) to comply with
the provisions of the Income Tax Act,1961 with regard to the said cash .transaction.
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