Dear All
One of our foreign subsidiary company has subscribed 99000 shares in MOA at the time of incorporation. But it transferred share application money in acounts of the company in installments. Out of these 99000 shares 9000 shares were allotted to the shareholders at a premium of Rs. 25 and other 90000 shares at par. So my query is that whether subscribed shares can be issued at premium or not? Shareholders do no have any problem with this.
Quick reply will be highly appreciable.
As per my understanding issue of subscribed capital to promoters on premium is not possible. However views of other learned members solicited.
Dear All,
I am facing a same situation in a company wherein Premium has been recorded by the Company in its records by mistake on the shares origingally subscribed by the Promoters as per memorandum & the ITR-returns of the Company has also been filed. But in the case no revised ITR is possible due to some reasons...
So can anything be done in this case....??
CAclubindia
