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Subscription money in cash

nitin (NA) (55 Points)

11 January 2015

can promoter pay its subscripttion money in cash for the number of shares as mentioned in eform INC 7 / MOA as per new act 2013

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CS MOHIT SALUJA (PRACTICING CS Jalandhar 9914558709) (5155 Points)
Replied 12 January 2015

The new act requires under section 42 and 62 to pay the money for shares via banking channel. As the subscripttion money is is also related to the share allotment, hence, need to be deposited in company's bank account via banking channel only and not in cash form.