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Deepak Maharishi (CS) 24 June 2010
The subsciption money should be paid in cash only.
There is a case in this regard as follows:
Kanduri Lakshmiah V/s Adoni Electric Supply Co. Ltd. (1944) 14 Comp Cas 63 (Mad)
It was stated that a subscriber is liable to pay for his shares in cash even though he had entered into an arrangement with the promoters of the company that he should receive the shares for his legal services rendered in connection with the promotion of the company.
Views of other members are also solicited.
Thanks and regards
CA B Anand (CHARTERED ACCOUNTANT) 24 June 2010
in case of P Ltd Co's, the minimum paid up share capital is 1 lakh rupees.
Say for example, the promoters are giving furniture worth 70,000 and cash in 30,000. can the company be incorporated?
if it is not possible, whether it will be made possible on allotment of furhter shares against any asset / service after raising minimum paid up capital in cash?