Subscriber to moa died before allotment of shares

A Co. was incorporated with 10 subscribers. one of them has died before allotment could be made in first board meeting. Now what should be the course of action in respect of the no. of shares written against his name in MOA Subscribers Table?

Replies (8)
File the change in Name clause with ROC.

I am talking about Subscriber clause. Not name clause

Kanika,

Has the Company received money from subscriber for subscripttion of shares, who has expired ? if yes, shares to be transmitted to Registered Nominee or Legal Heir or as  in prescribed in probotion or succession certificate.

If Company has not received subscripttion money from Subscriber, in that case, subscribers liability is still subsisting, his registered nominee or legal heir has to pay the subcription money and get the shares trasmitted in their names.

thanks Prakash for your reply. Subscriber has not yet paid the money. 

now is his nominee obligated to subscribe for those shares?

And on basis of what legal provisions u r saying this? can u pls clarify

It can be enforced as civil liability in a court of law, there are no prescribed provisions in CA, 2013.

But as per the general law, this contract has become impossible to perform as subscriber has died. How we can compel the legal representative to subscribe for the shares as declared by the deceased?

Section 2(55)(i):

 

"member in relation to a company means ---

(i) the subscriber to the memorandum of the company who shall be deemed to have agreed to become member of the company, and on its registration, shall be entered as member in its register of members;

 

Section 10(2):

 

"All monies payable by any member to  the company under the  memorandum or articles shall be a debt due from him to the company."

 

 

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
08 October 2026
SALES TELECALLER

HIRE NOVA

Lucknow

Graduate (Any)

View Details
Company
ARTICLESHIP 08 October 2026
ARTICLE TRAINEE

S.B.G. & CO. CHARTERED ACCOUNTANTS

New Delhi

CA Inter

View Details
Company
21 October 2026
CA INTER/ BCOM WITH EXPERIENCE

CA S KUMAR GUPTA & CO

Amritsar

CA Inter

View Details
Company
12 October 2026
AUDIT , ACCOUNTS AND TAXATION

KDSS

New Delhi

B.Com

View Details
Company
08 October 2026
Accounts and Tax Associate

POOJA R TELI & CO

Pune

CA Inter

View Details
Company
15 October 2026
Senior Accountant

Continental Belting Pvt Ltd

Mumbai

B.Com

View Details
Company
05 October 2026
Senior Accountant

Vision IT Peripherals Pvt Ltd

Mumbai

B.Com

View Details
Company
Featured ARTICLESHIP 31 October 2026
CA Articleship

apricus india

Navi Mumbai

CA Inter

View Details