Capital Contribution by Subscribers to Memorandum

RN Madaan (Advocate) (40 Points)

22 October 2008  

What are implications for a pvt. Ltd. company, if some of the subscribers to Memorandum do not bring capital to the Company and shares have not yet been issued?

Can the defaulting subscribers be replaced with new subscribers? Kindly refer to relevant notifcation or ROC form, if any?

Please help urgently. Thanks.