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Regarding paid up share capital of a company

Others 666 views 5 replies

salini singhi

29 Points Posted on 02 November 2021

Dear Colleagues,
I wanted to know if we can update the master data of a company's paid up share capital through MGT-7/MGT-7A because return of allotment have been filed but there was a mistake in entering the paid up share capital in PAS-3 form as the shares were partly paid. if not can anyone guide me the correct procedure. Thanking you in advance,

Replies (5)

Rama chary Rachakonda

Master in Accounts & high court Advocate

9615 Points Posted on 03 November 2021

You have to file petition with CLB. The ROC informed that it had no power to correct the Form no. 2 (now PAS 3) and advised the Company to approach the CLB, Mumbai Bench. The Company filed a petition before the CLB stating that the mistake in filing form 2 (PAS 3) was caused due to oversight and did not involve any willful malafide intention also that and no creditor or shareholder would be prejudiced

salini singhi

29 Points Posted on 03 November 2021

Thank you. What is required to be filed with ROC for making partly paid shares to fully paid after making calls on shares to update the master data of the company as PAS-3 is for return on allotment of shares and since there is no allotment and only calls are made but paid up share capital need to be updated.

CA Aakarsh Jain

10436 Points Posted on 03 November 2021

Agreed with rama chary rachakonda

mayur borhade

113 Points Posted on 09 November 2021

Mr. Rama with respect would like to inform that no more CLB for company matters, only NCLT handle the company law cases.. correct me if I am wrong

Rama chary Rachakonda

Master in Accounts & high court Advocate

9615 Points Posted on 09 November 2021

Yes. Mr.Mayur borhade,You are correct. As per the Companies Act of 2013, CLB was to be wound up and taken over by NCLT, which would have replaced the current system of resolution of company-related matters.