Urgent-adjustment of paid up share capital

This query is : Open

Anumita Sharma (Querist)
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20 February 2013 Dear Members,

Kindly resolve this:
We incorporated a company XYZ, a subsidiary of a foreign company with Authorized & Paid up Capital of Rupees 1 Crores.
Now we received only Rs. 1 Lacs in the bank account of the company as an allotment money from the client.
So now the issue is that client is saying that he is not willing to give any more rupees above 1 lacs against the actual paid up capital i.e 1 Crore.
So can we show 1 lacs as called up capital and the remaining i.e 99 lacs as uncalled in companies balance sheet.
Kindly note that the company doesn't want to go for Reduction of share capital U/s 100-104

CS SAJU PHILIP MANALEL

CS SAJU PHILIP MANALEL (Expert)
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20 February 2013 It is understood that Rs. 1.00 crore has been shown as subscribed captial. As per the law the subscribers has to pay the entire amount subscribed by it. By taking only Rs 1.00 lacs the remaining rs.99 lacs will be reflected in the BS as follows
Subscribed capital Rs 1.00crore
Paid up capital Rs 1.00 lacs
Which will be there so long as the company being in existence and may cause a reason for MCA action for winding up.
Other way is to get the name of the company strike off u/s561