consequences Subscribers to thememorandum deny to give their

This is really a difficult situation. Now, upto my understanding ther is few problems i can observe:-

1. What about the suscribers- there is well settled law that they are personally liable to pay the subscripttion money. Company may go to court of law or settel out of court for the same. You can approach to subscribers and call for the subscripttion money  as on date and issue shares today in their name or if your company is planning to allot issue shares in near future and your suscribers are not willing to pay allot in their name and transfer to concerned persons even though u need to get the signature of subscribers on share transfer deed.

2. What about the Form-2- the compliance you have made earlier can not make good, and even you have made allotment to new persons that is a seperate issue.

3. If, subscribers are not co-operative then let it be outstanding in future course of action if company goes for winding up or any other time to court, court will settel the issue. This is default from the subscribers not from the company.

Regards,

P.S. : On subscribers liability i am attaching herewith a settelled case law.