22 July 2009
A company was formed with a paid up capital of Rs 1 lakh. Three promoters subscribed the Memoraundum . One of the three subscribers did not put in subscription money . The other two subscribers took up his portion to fulfill the requirement of minimum capital of Rs 1 lakhs and subscribed . We can allot the Shares worht rs 1 lakhs to these two promoters . Is it O.k
If in Form 1 and in MOA at the time of incorporation you mentioned the name of all 3 promoters, then you have to devide Rs 1 lakhs paid up capital in all 3 promoters.
Further no formal allotment is requirde in case of subscribers and they are deemed members and shareholders of the company.
22 July 2009
The subscribers to the memorandum should subscribe exactly the number of shares they have agreed to subscribe/mentioned against their names in the MOA of the company. In other words,in the given case, the two subscribers cannot make up the shortfall of the third subscriber.
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