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Typical Issue

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This query is : Resolved

Gopal sonecha (Querist)
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27 February 2009 Dear Sir,

Returns of Directors are filed belated ............
and cash position is also not enough that it can be adjusted in cash........

there is a typical situation in one of my clients.
Que:- Minimum 2 Directors are required for formation of a PVT Ltd Co.
Now in the case of my client 2 Directors subscribed to Memorandum in August 2007. Now the point is only one of the Director made the payment for his share capital ie 50000/- and another director forgot to make payment of Rs 50000/- for his share.and he filed his return of income without showing 50000 as his investment in shares of this pvt ltd. while another who has made the payment and acquired his shares has shown in his personal bal sht.
Now the Question arise is
(1) Return of this Co is not yet filed for the P.Y.2007-08, now for filing of return of this co what technical issues arises and how to overcome them.
(2) what abt the co..
(3) what abt the director who has not acquired his shares and filed the return??
(4) what other points arise in this situation??????????