Minimum subscription by public company
This query is : Resolved
17 July 2012
HELLO SIR/MAM,
AFTER GETTING COI, PUBLIC COMPANY HAS TO OBTAIN CERTIFICATE OF COMMENCEMENT TO START ITS BUSINESS ACTIVITIES.
WHETHER THERE IS ANY PROVISIONS THAT, 90% MINIMUM SUBSCRIPTION OF PAID-UP CAPITAL SHOULD BE BROUGHT BY DIRECTORS BEFORE COMMENCEMENT?
ALSO WHETHER THERE IS ANY COMPULSION THAT MINIMUM SUBSCRIPTION SHOULD BE BROUGHT IN CASH ONLY?
WHETHER IT CAN BE BROUGHT IN KIND SUCH AS PLANT, MACHINARY, LAND?
THANKS AND REGARDS.
AFTER GETTING COI, PUBLIC COMPANY HAS TO OBTAIN CERTIFICATE OF COMMENCEMENT TO START ITS BUSINESS ACTIVITIES.
WHETHER THERE IS ANY PROVISIONS THAT, 90% MINIMUM SUBSCRIPTION OF PAID-UP CAPITAL SHOULD BE BROUGHT BY DIRECTORS BEFORE COMMENCEMENT?
ALSO WHETHER THERE IS ANY COMPULSION THAT MINIMUM SUBSCRIPTION SHOULD BE BROUGHT IN CASH ONLY?
WHETHER IT CAN BE BROUGHT IN KIND SUCH AS PLANT, MACHINARY, LAND?
THANKS AND REGARDS.
17 July 2012
Hi
There is no provision that minimum 90% subscription amount should be brought by directors.
Generally the subscription amount should be taken as cash for incorporating the company, and the machinary or land will not be treated as subscription amount.
There is no provision that minimum 90% subscription amount should be brought by directors.
Generally the subscription amount should be taken as cash for incorporating the company, and the machinary or land will not be treated as subscription amount.
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