Time of Receiving Subscription money
This query is : Resolved
13 November 2009
What is the time frame for geting subscripttion money from the shareholders for incorporation of the company?? or even after the incorporation of money?
Please do reply with either supporting case or law.
Please do reply with either supporting case or law.
CA. B.SRINIVASULU
(Expert)
13 November 2009
Within 30days from the formation of the company. To my knowledge there is no case law. But practically you have to conduct first board meeting within 30days from the date of incorporation there one subject should be allotment of shares for subscribers.
CA Ravi Sisodia
(Expert)
13 November 2009
agree
Ankur Garg
(Expert)
14 November 2009
Suppose your incorporation date is 01.01.2009.
Now u should have ur first board meeting with in 30 days as desired by section 224(5) (indirect requirement).
In this board meeting one agenda would be opening of bank account and allotment of share to subscriber.
After opening the bank account of company after passing the resolution in BM you may credit the subscription money.
Now u should have ur first board meeting with in 30 days as desired by section 224(5) (indirect requirement).
In this board meeting one agenda would be opening of bank account and allotment of share to subscriber.
After opening the bank account of company after passing the resolution in BM you may credit the subscription money.
Ankur Garg
(Expert)
14 November 2009
Please download the Sample First Board Meeting Agenda cum Minutes from the link given below:
https://www.caclubindia.com/share_files/files_display.asp?files_id=12313
https://www.caclubindia.com/share_files/files_display.asp?files_id=12313
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