Dear all,
Kindly clarify me whether its mandatory to open a new bank account for increase in paid up capital??
Regards
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Is it mandatory to open a new account for increase in capita
Replies (1)
The requirement of opening separate Bank A/c has been given in Proviso to Sec.42(6) dealing with private placement. Rule 13 made u/s 62(1)(c) dealing with preferential allotment also provides that the company will also comply with conditions of Section 42.
However, this requirement is not applicable in case of rights issue u/s 62(1)(a).
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