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Allotment

Jyoti Aggarwal (COMPANY SECRETARY) (336 Points)

11 November 2009

A pvt. Ltd. Co. in which subscribed capital is Rs. 300000/- at the time of incorporation and there was three subscribers to the Memorandum.
One of them is not paid money at the time of allotment.

Wat should we do for his shares i.e. for 10000 shares for which his name is already mentioned in MOA and we are not getting any subscripttion money from him.

Now the queation is wat is subscribed, paid up and issued capital of the company.

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5 Replies

Priya Sharma (Company Secretary & Student.MBA) (998 Points)
Replied 11 November 2009

Dear Jyoti

I think you can transfer 10,000 shares of the subscriber , who is not willing to give the subscripttion amount, to somebody else in order to come out of this situation.

And then your subscribed, paid up and issued capital is Rs. 300000/-.

Is it solved now??

Regards

Priya Sharma

Jyoti Aggarwal (COMPANY SECRETARY) (336 Points)
Replied 11 November 2009

But my dear friend transfer is possible only wen he is allottee of the company

till date no share is allotted to him as no subscripttion money is recived from him.

He is only subscriber to the moa at the time of incorporation and at the time of allotment which is done within one month of the incorporation he denied to gve any money and therefore no allotment made to that person.

Now the question is how he transfer share as he is not a shareholder of the company.

Ashish Gaggar (Propritor) (85 Points)
Replied 13 November 2009

I Think that once a person has subscribed to the Capital in Memorandum and Articles, the shares get allotted to the subscriber . This is the reason we do not file Form 2 in case of subsciption shares.

The Shares will stand in the subsriber. The Issued, Subscibed and Paid up capital shall be Rs 3,00,000 and Rs 1,00,000 due from Director shall be shown as due from Director in Assets Side.

Priya Sharma (Company Secretary & Student.MBA) (998 Points)
Replied 14 November 2009

But Mam as far as I know....once he has subscribed to MOA, it means that , he has consented to take the number of shares written against his name in the subscriber sheet to Memorandum of Association.......

And secondly, his name would also have been entered into the Register of Members and once this is done, he becomes the shareholder of the company and thus you can transfer his shares to somebody else.........

Please correct me if I am wrong..........

Regards

Priya Sharma