Allotment to Subscribers of MOA

This query is : Open

GIRISH SHARMA (Querist)
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29 December 2010 Dear Sirs,

A Pvt. Ltd. was incorporated on 13.01.2010. Each of the two subscribers signed for 10,000 Eq. Sh. of Rs. 10/- each. Each paid Rs. 50,000/- in cash. The balance is yet to paid. Can the subscribers take the balance shares after 31.03.2010 and file ROC Docs. for the period 13.01.10 to 31.03.10 with Rs. 1 Lac paid up capital ? If no, kindly mention the section for reference.

I was informed that FORM 2 is not reqd. for subscriber allotment. Pls confirm the section which exempts such allotment.

Pls reply.

Best Regards
G. Sharma

Jayashree S Iyer

Jayashree S Iyer (Expert)
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29 December 2010 The subscribers have given an undertaking in MOA to take and pay for 10000 shares each. Hence they are required to take and pay for these shares in one go on registration. They cannot do it in piecemeal according to me.

I too believe Form 2 is not required for subscriber allotment.