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formation of public ltd co.

silky jain (chartered accountant) (167 Points)

07 May 2009

Plz tell the complete procedure & formalities to form a public limited co.

i will be very thankful if u answer it bit early.

thanx

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Rashima Bhai (Company Secretary) (30 Points)
Replied 08 May 2009

Any seven or more persons associated for any lawful purpose may by subscribing their names to a memorandum of association and otherwise complying with the requirements of the companies act, 1956 in respect of registration, can form an incorporated company with or without limited liability.(sec12)

The following ingredients are required for the formation of a company:

1 Promoters of the company

2. Lawful objective for which they associate themselves.

3. Promoters must subscribe their names to the memorandum of the company

4. Promoters must comply with the requirements of the companies act,1956 in respect of registration which is as follows:

a) Declaration of compliance in Form1 as prescribed in Companies(central Governments)general Rules and Forms1956 executed by any one of the following persons:

i) Advocate of a high court or a supreme court,

ii) Attorney or a pleader entitled to appear before a high court,

iii) A company secretary or a chartered accountant in whole time practice.

b) A stamped and signed copy of memorandum and articles of association.

c) Notice of situation of registered office in form18

d) Formno.32 containing particulars of a person who act as managing/wholetimedirector of the company.

e) Particulars in favour of one of the subscribers to the memorandum duly executed on a non-judicial stamp paper of the requisite value.

f) Any agreement which the company proposes to enter into with any person

g) Original true copy of the Registrar of Companies letter intimating about the availability of name.

5. Minimum paid up capital must be one lakh rupees for a private company and rupees five lakh for a public limited company.

A private ltd company can immediately commence its business after a Certificate of registration is issued by the Registrar after due verification of the documents and on payment of the prescribed fee as specified in ScheduleX., a public company having a share capital can commence its operations after getting the Certificate of Commencement of business from the registrar.

I hope your purpose will be solved.

Regards

Rashima Bhai