24 January 2011
As per Regulation 17 of the Companies Regulation Act, 1956 if the form marked defective by ROC, is not rectified and resubmitted within the stipulated time the form stands automatically cancelled. So you have to resubmit the form within the stipulated time.
As regards authorised capital, though the minimum ASC for a private company is Rs. 1 lac and public company is Rs. 5 lacs, but depending on the activities specified in the object clause of MOA , ROC insists for a higher ASC e.g.if the company's main object involves manufacturing, higher ASC in insisted. So check with your ROC as to what minimum ASC is required for undertaking the objects specified in your MOA and accordingly change the capital clause. If the promotor do not want to increase the ASC as it will invovle more registratin fee, then slightly modify the wordings in object clause like removal of words manufacture, etc.
In any case don't delay the resubmission. Act swiftly.
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