we are the private limited company, we want to increase the authorised share capital for two company.
for one company from 1Lakh to 20Crores
another one company from 1Crore to 20Crores
please give me suggestion for decrease of ROC Fees & Stamp Duty
Thanks & Regards
Karnakar Reddy
Hi
For increasing of authorised capital, it is mandatory to pay statutory fee as per Schedule X of the Companies Act, 1956.
There is no provisions to decrease statutory fee and stamp duty.
Regards
Procedure for increase in authorised capital of the company
1. Convene a Board Meeting after issuing notices to the directors of the company to decide about the increase and to fix the date, time, place and agenda for convening a General Meeting.
2. To pass an Ordinary Resolution (Special Resolution if so required by articles) for the same.
3. Download Form -5 from www.mca.gov.in
4. Fill the details required such form except signature of the concerned person.
5. Opt the option to pay stamp duty electronically along with ROC fee on Form-5 with concerned ROC.
6. Please attached altered MOA and AOA with the Form-5 filed with concerned ROC .
7. File physically MOA along with stamped form-5 with concerned ROC (if required).
8. After approval of Form-5 from ROC make necessary changes in MOA and AOA and in all other papers and documents.
If you are increasing Authorised Capital by Special Resolution or also change in Article of Association it is required to file Form 23 with concerned ROC within 30 days from the date of passing such resolution.
To increase the Authorised Share Capital you have to mandatorily pay pescribed fees. There is no option.
YES, you can only avoid the additional fees not statutory as provided in Schedule X of the Companies Act, 1956, by submitting the documents and form 5 with in due time that is with in 30 days from date of event (date of passing General meeting resolution).
| Originally posted by : CS Ankur Srivastava | ||
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To increase the Authorised Share Capital you have to mandatorily pay pescribed fees. There is no option. |
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I totally agree with Mr. Ankur. I have recently handled a similar situation and finding no other way to reduce the duties, we have paid the duty as precribed under the act.
Regards
CAclubindia
