In case of newly Pvt. ltd.

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CA. Santosh Jain (Querist)
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07 November 2008 Upto what time, (1) shares money should be received by subscribors of MOA ?
(2)time limit of shares allotment
(3) time limit of issue of share certificate
(4)any time limit of first board meeting
(5)Can share money received by cash
(6) Form 23b should be fiiled in case of first auditor

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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08 November 2008 1)There is no time limit specified under Companie Act for payment by subscribers. Therefore general law of contracts is applicable.

2)No time limit is specified;Therefore general law of contracts is applicable.

3)Act is silent, but AOA may specify.

4)Within a month of incorporation.

5)Not advisable as you may have problems with IT Act
6)Optional.

CA. Santosh Jain

CA. Santosh Jain (Querist)
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08 November 2008 One of the director who is subscriber of the MOA wants to transfer the shares to new director, in such case what is the procedure for transfer and document with ROc ?

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S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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08 November 2008 Subject to the provisions of AOA, they have to execute a duly presented share transfer form and submit to the company. No other procedure with ROC.