Dear All,
One of my CS frnds has the following doubt.Would appreciate your comments.
A company was incorporated in March, 2010, after the incorporation following are the non-compliances:
1. No bank account is opened,
2. the Paidup capital is Rs 5 lacs but the subscripttion money has not been transferred,
3. the accounts are also not prepared. (articles prescribed the year ending 31st march, 2011).
Please tell the following solution is correct or not:
1. bank act can be opened.
2. the subscripttion money can be received now by cheque and be deposited in bank act,
3. the accounts can be closed on 30th june 2011 and Articles of the Company may be altered accordingly.
Thanks in advance
CAclubindia
