A company registered in May 13 year wants to increase authorized capital in July 14. For this MOA which has capital clause is being amended to show the innceased capital to file with ROC.

Question:

There are many clauses in MOA which makes reference to old companies Act 1956. Should those clauses also need to be changed (Sections etc) in view of new companies Act 2013 which has come into effect from April 14?

Regards,

Anil.

A private company has been formed. Two people have signed the MOA saying they will subscribe to Rs.1 Lac worth of shares. But they have put in only Rs.50,000 together in the company. A third person who is not subscribed to MOA has invested 50,000. More than a year has passed since incorporation and no return of allotment is filed with ROC. In this regard I have following questions:


Queries:

1) Should the auditor treat Rs.1,00,000 received as loan since no return of allotment has been filed with ROC?


2) If the answer is yes, then it would result in no paid up share capital in the B/S. In this case should the Auditor qualify his report? If yes , what should be the wordings for qualification?


Please answer above questions separately for each question.

Thanks

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