We have filed FCGPR with RBI for a company with 2 foreign directors.The company was incorporated with 1,00,000 share capital in June 2011.Rs 1,10,000 were remitted by the directors in the company account on 18 August . The authorised capital of the company was increased by 50,000 in December and then total allotment upto the value of Rs.110000/- was made in January. We have filled the date of allotment of the total Rs.110000/- 11,000 shares of Rs 10 as 6 January now we have received a letter from RBI asking when funds were remitted in August why were the share allotted to the memorandum in January? Can anybody help us in drafting the response letter to RBI?
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Querries regarding fcgpr filing
Replies (3)
You have followed wrong procedure dear.
There should be difference b/w subscribing the shares at the time of incorporation and further allotment of shares.There must have been two FCGPR filed by you, one for intitail subscripttion and second for allotment of shares agnst excess Rs.10000.
Your logic behind holding the allotment till further increase of capital should be the reply to RBI qurey
We had allotted the total shares on a single date owing to the fact that allotment should be made within 180 days of receipt of inward remittance. Can you guide what reply we should send to the RBI?
Is annual return required while filing FCGPR documents to the authorised bank???
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