The paid up capital of a LIMITED Company as per Last Accounts is Rs. 1 Lac, whereas, it should have been 5 lacs minimum (Sec 3).
The company has filed it Income Tax Return up-to-date showing paid up capital Rs. 1 Lac. However, it is unable to file its ROC Returns since the Financial Year ending 2006 since the paid up is not 5 lacs minimum as required.
The ROC has not marked the Company as Defunct, nor, the Management wants it so. However, to made good the default, the management is ready to increase the Paid-up Capital to Rs. 5 lacs minimum if possible.
Is there any possibility?
Note : ROC Returns till the Financial Year 2005 have been filed showing paid up capital Rs. 1 Lac.
CAclubindia
