Hello Everyone,
As in my previous post i asked about the need of filling aoc-4 cfs for llps as a subsidiaries.
Now the new problem is on the way please help.
As the 3 llps which got registered in 2015 October as a subsidiary of the pvt ltd company. (shares above 60% in all 3 llps)
Now monetary value of obligation of contribution committed is 100000 total but the pvt ltd company didn't paid the single penny or contributed in other word paid up capital from pvt ltd is 0.
as the section 186 says
No company shall directly or indirectly-
acquire by way of subscripttion, purchase or otherwise, the securities of any
other body corporate, exceeding sixty per cent. of its paid-up share capital, free reserves and securities premium
account or one hundred per cent. of its free reserves and securities premium account, whichever
is more.
So I want to ask that mtg-14 is needed to be filled in this case.. and I also read if the 300days passed and mgt-14 has not filled we may face legal consequences.
Please help in the matter.
CAclubindia
