Is there anyway by which the subscribers to the MOA & AOA can withdraw from bringing in the initial share capital and let an outsider do the same & issue shares to him? What will be the penalty that the company/ directors/ defaulting members will face in case such an action is taken?
Please help.
After Incorporation they can not do so.
Regards
Any idea what will be the penalty if such an action is taken? Will the company registration itself become void?
| Originally posted by : Karnan P Paulson | ||
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Any idea what will be the penalty if such an action is taken? Will the company registration itself become void? |
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At the time of Incorporation, Directors has to submit declaration that they have already subscribed to initial subscripttion.
Hence no question for not subscribing. In this case, if now subscribers will go in different direction then it will amount to fraudulent declaration.
thank u...
Dear Karan
Please make retification of MOA internaly.
Regards
CAclubindia
