Subscription of shares without receiving money

This query is : Resolved

CA Shraddha Jain (Querist)
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22 August 2016 A private limited company has issued shares to the subscribers of memorandum. The subscriber has given a cheque for subscription of shares but the private company does not have any bank account till the end of financial year. The bank account has been opened after the end of financial year. The auditor has raised an objection for this.

Please suggest a way out..

Amol S Joglekar

Amol S Joglekar (Expert)
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22 August 2016 Auditor's objection is correct. Report the same in audit report.

CA Shraddha Jain

CA Shraddha Jain (Querist)
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22 August 2016 Yes the auditor is correct but please suggest a way out for the company now so that there is no objectionable remark in auditor's report.

Amol S Joglekar

Amol S Joglekar (Expert)
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22 August 2016 Let the remark be there....that is not objectionable....
Let the directors explain the situation in their report....they can explain the reasons why the bank account could NOT be opened....

CA Shraddha Jain

CA Shraddha Jain (Querist)
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22 August 2016 Okay. Thank you Sir.

Amol S Joglekar

Amol S Joglekar (Expert)
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22 August 2016 You are most welcome.

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