Allotment

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

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. 

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.

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

Somebody let me know whether my interpretation is rite or wrong??

Reagrsd

Priya Sharma

CS Final Student