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Share Application money and allotment in private limited company
can the promoters put more money as Share capital which is over the Subscriber of Memorandum in a newly incorporated company and whether all these shares can be alloted in first meeting itself
Replies (4)
Nop it should be proceed with proper procedure right issue can works for you
Yes, You have to follow the proper procedure regarding issue of share to promoter and than introduce money as share capital.
You have to amend your Memorandum of Association and then have to increase the limit by following the procedure as laid down under the Provisions of the Companies Act 2013.
Firstly you have to invest the money as the subscripttion amount as the subscriber. Thereafter, you can increase the share capital of the Company by increasing authorized capital and paid up capital either by right issue or private placement. There would also be change in the Memorandum of the company by alteration of capital clause by holding EGM of the company and by passing special resolution
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