Time limit for allotment of shares

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Anand Sontakke (Querist)
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28 June 2016 Dear Sir, My New Private Limited Company incorporated on 13/05/2016. We appoint our 1st Auditor on 13th June but we do not received our Company PAN CARD yet due to misplace of document by NSDL. So we send them again 28/06/2016 but I don't think we will receive our company PAN card soon, so what to do to open bank account for allotment of shares as per law within 60 Days from incorporation of company which is 13/07/2016? Please help me with solution.

Thanks and Regards,
Anand Sontakke
8898680106

c.bakshi

c.bakshi (Expert)
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28 June 2016 HI, there are some private as well as some public bank which can open a bank account on receiving of PAN APPLICATION RECEIPT. so just check it out and search for it. e.g. PNB and SBI can accept

Anand Sontakke

Anand Sontakke (Querist)
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08 July 2016 Thank you very much sir for your help... We already apply in Axis Bank for Current Account and Hopefully our account open on 11/07/2016... Now please let me know the procedure of allotment of shares. In my company I hold 95% shares and my partner hold 5% shares. Our 2 months time will be finish on 13/07/2016. Regards, Anand

c.bakshi

c.bakshi (Expert)
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11 July 2016 it is very easy, you need to deposit the amount in the current account with bank by way of Cheque/NEFT/RTGS/DD or any other banking mode. you have to deposit 95% of the amount and other has to deposit the same with his share of 5% . and As per companies Act, 2013 Share Certificate will be given to the subscribers by the company in the format as prescribed

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