14 June 2010
I want to ask that can a company going to be incorporated have a shareholder having 100% shareholding(this holder is a company incorporated in foreing country).And if it is possible than what information will be given in MOA in subscribers collumn which requires two members mandatory plus the subcribers should also hold at least one share.Guidence of practising Company Secratory will be appreciable.
14 June 2010
It is not possible that one individual may hold 100% shares. However, a company can hold 100% of the other company i.e. incorporate a 100% subsidiary.
The procedure for 100% subdisiary is:
The holding company should be shown as holding 99.99% shares. Only one share should be subscribed by some other person . The MOA may or may not specific the fact that the company is a WOS of the holding company. After incorporation, the individual should file the declarations stating that the beneficiary interest is with the holding company for the one share, it has subscribed.
15 June 2010
Thanks Rasesh but can you please tell me the procedure of incorporation of the 100% subsidiary company ,how to show the nominee as per section 49(3) and The holding company in subscribers sheet to MOA.One more thing I have got the name approved by ROC but I haven't shown the holding as promoter/subscriber to MOA and instead of this I have given the names of two directors(of holding company) as subscriber to MOA.I think I have made a mistake can you please tell me what should I do now.
CAclubindia
