Paid up capital

A declaration to the effect that every subscriber to the Memorandum has paid the value of the shares agreed to be taken by him should be filed with the RoC within 180 days from the date of incorporation. Otherwise, the Company will be liable to penalty upto Rs. 5000 and every officer in default shall be punishable with a fine upto Rs. 1000 for every day during which the default continues.

Originally posted by : Radhika
	A declaration to the effect that every subscriber to the Memorandum has paid the value of the shares agreed to be taken by him should be filed with the RoC within 180 days from the date of incorporation. Otherwise, the Company will be liable to penalty upto Rs. 5000 and every officer in default shall be punishable with a fine upto Rs. 1000 for every day during which the default continues.

thanx for the reply Radhika ,,but i wanted to know that within how much period the amount of paid-up capital should be deposited in company's bank account??