Dear Members, I haved incorporated a private limited company in Nov 2014...........
Q1 What is the time limit to issue share to SUBSCRIBERS of MOA?
Q2 Does Return of allotment is to be filed with ROC (compulsorily)?
Q3 Does a separate bank account (Escrow) mandatory?
Q4 Does a BOD resolution or shareholders Resolution required? Will it even require filing through MGT 14?
Please revert back.....
Thanking you in anticipation.......
ANKIT SOMANI
BCom, FCA, CS
098297-45560
The promoters and subscribers to the memorandum of association to a company have to bring in the money as agrred by them in the subscribers page through Bank Cheques and deposit the same in a Bank account opened by the company within 6 monhts of incorporation. Then the company has to file INC-21 to ROC which is required to be filed within 6 months else ROC can cancel the incorporation.
Return of allotment NOT required to filed for initial subscripttion shares.
MGT 14 is also NOT required for initial subscripttions.
One logic is at the time incorporation, subscribers are undertaking to take shares as mentioned in MOA and AOA. The company is incorporated on the basis of all such documents.Hence no requirement of filing MGT-14 or Return of allotment.
Only take care of INC-21 which is compulsory for private companies also.
At the same time make sure that Directors disclose their interested parties/companies in the first board meeting in MBP-1 and if required file the required forms
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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