A private limited company has to be incorporated in the state of Maharashtra within the jurisdiction of ROC MUMBAI. the applicant will be the director in the said comapny but would not subscribe for any shares. is it necessary for the applicant to subscribe for the shares?
17 February 2011
No...it is not necessary for the applicant to subscribe for the shares of the Company in order to be appointed as Director of that Company.
In case the Articles are silent as to who will be the First Directors of the Company,Subscribers to the MOA of the Company are deemed to be the first Directors of the Company who shall hold the office till the date of the first AGM of the Company.
So, if the AOA of ur Company mentions the name of first Directors, no need to subscribe to the shares of the Company to be appointed as Director of the Company.
17 February 2011
My query was if a person is applicant for Form 1A need to subscribe for shares in the company? The new guidilines posted on MCA website states that the applicant shoud be a promoter .
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