Whether a newly incorporated Private Limited company has to file Form 2 for share alloted to promoters.
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Form 2 for newly incorporated company
Replies (4)
The Company need not file Form 2 if the shares are alloted to the subscribers to the Memorandum of Association
Mr. Syam Kamal
Could you provide me section or rule where it is stated that Form 2 shall not be filed for share allotment to Subscribers to Memorandum of Association
The subscribers to Memorandum automatically become members of the company on the date of incorporation by operation of law u/s 41 and their names have to be entered in the register of members. The subscripttion money becomes a debt due from subscribers to the company u/s 36(2). Co. can sue the subscribers for non-payment of the amount.
The form 2 has to be filed u/s 75 on "allotment" of shares. There is no separate application or allotment of shares in the case incorporation and hence Form 2 is not required to be filed.
Agreed with Mr. Syam Kamal.
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