Failure to bring in subscription money
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 September 2018
Hi
We incorporated a company in 2017 with an authorised capital of INR 5 Crores divided into a total of 50,000 shares of Rs 1000 each among 5 subscribers to the memorandum. Without good advice we proceeded by paying a huge fee as stamp duty. The subscribers have fully taken the shares ie 10,000 share per subscriber. We are not planning to bring in 5 crores as it is a new company. So far we have raised 1.75 crores as capital.
My question is, is it okay to treat the 1.75 crores as paid up and the rest as simply subscribed and not called. Will this scenario act against our favour when it comes to ROC filing.
Thanks
We incorporated a company in 2017 with an authorised capital of INR 5 Crores divided into a total of 50,000 shares of Rs 1000 each among 5 subscribers to the memorandum. Without good advice we proceeded by paying a huge fee as stamp duty. The subscribers have fully taken the shares ie 10,000 share per subscriber. We are not planning to bring in 5 crores as it is a new company. So far we have raised 1.75 crores as capital.
My question is, is it okay to treat the 1.75 crores as paid up and the rest as simply subscribed and not called. Will this scenario act against our favour when it comes to ROC filing.
Thanks
18 September 2018
Subscribed capital should be shown as Rs. 5 crores and Rs. 3.25 crores to be
shown as debts due from director's in the balance sheet.
shown as debts due from director's in the balance sheet.
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