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Kavita (Querist)
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05 October 2012 A private company incorporated with authorised share capital and subscribed capital(subscriber agree to pay ) of Rs. 15 crore. Subcriber had just paid Rs. 5 crore and refused to pay rest of the amount immediately. On MCA website, paid up share capital is reflecting Rs. 15 crore due to filing of memorandum at the time of incorporation.

Please tell within how much time period the amount should be received from subsriber and what will be consequence if full amount is not received.

Ajay Mishra

Ajay Mishra (Expert)
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05 October 2012 Hi

The time period is not defined under the Act for subscription money shown in MOA at the time of incorporation of company.

A subscriber to memorandum cannot, after issue of certificate of registration, repudiate his subscription on ground that he was induced to sign by misrepresentation of an agent of company. [Metal Constituents Ltd., In re (1902) 1 Ch. 707].

If subscribers to memorandum have any objection to memorandum and articles of association, the time to object is before putting their signatures to it. [East Bengal Sugar Mills Ltd., In re (1941) 11 Comp Cas 169 (Cal)].

In accordance with the provisions of section 36(2)of the Companies Act, 1956, all money payable by any member to the company under the MOA or AOA shall be debt due from him to the company. Further, a subscriber to the memorandum must pay for his shares in cash even if the promoters have promised him the shares for services rendered in connection with the promotion of the company.

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