As per the new provisions of Companies(Amendement)Act 2015, requirement of minimum paid up share capital has been dispensed with,However, I don't have the clarity on the requirement of Minimum Authorised Capital of Private company and public company, is it that we can incorporate a company with less than 1 lac rupees??
As per the definition of private company as amended, it must have such minimum authorised capital as may be prescribed. MCA was supposed to prescribe such capital in the rules. However, surprisingly MCA has not done so and created confusion. Same is the case with public company. MCA must clarify the position on urgent basis.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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