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share issue after Incorporation
can anyone tell me that in how many days a company has to issue shares and receive payment for that issue, for date of incorporation...if any company does so after 3.5 months, any consequences...
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Shares shall be issued within two months of incorporation
As per Section 56(4) of the Companies Act 2013, every Company shall allot the shares to the subscribers of the memorandum of the Company within 60 days from the date of incorporation of the Company.
Failure to comply with the provisions of the Companies Act within the time limit shall lead to the fine of Rs. 5000/- subject to the maximum of Rs. 25,000/- and every officer of the Company shall be punishable with the fine of Rs 10,000 which may extend to Rs. 1,00,000/-
As per Section 10A of CA2013 payment has to be made by the subscribers with 180 days of incorporation.
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