Company incorporation

Hello friends,

As per the Companies Amendment Act, 2015, a Private Limited Company can be incorporated without the requirement of minimum paid up capital of Rs. One Lakh. My question is, in such a case, what should be the amount of subscribed capital which the promoters of the company shall subscribe to in the Memorandum of Association of the Company. Can the subscribed capital be less than Rs. 1 lakh?

It will be great if I can get an expert advice on this. Thanks!