Can a person subscribe to memorandum for other than cash at the time of incorporation of the Company? Which provisons of Company Law 2013 are applicable to this?
Menu
Subscription to memorandum
Replies (1)
No, it is not possible. Company after incorporation can issue shares for consideration other than cash as specifically provided in Sec.62(1)(c). However, in case of subscripttion to Memorandum there is no such provision. Section 10(2) also provides that monies payable by any member to the company under the memorandum shall be a debt due from him to the company which also shows that consideration can be only cash.
Recent Topics :
- NRI, ITR-2 FY 2025-26: AIS Part B2 (SFT) shows hig
- Wallet query for GST.
- 25-26 exempted sales
- Hotel stay below Rs.1000/- GST applicable or exemp
- NRI, ITR-2 FY 2025-26: AIS Part B2 (SFT) shows hig
- Generate E-Way Bill for 4 Nos. Suppliers Involveme
- Section 54F Exemption
- Would you use a free, open-source alternative to s
- Business & Finance
- Report in GSTR 1 ( Credit Note ) for Wrong GST Rat
Related Topics :
CAclubindia
