16 August 2014
Subscribers to MOA of private company have agreed to invest in certain no. of equity shares. Company is incorporated. Can they open a bank account just by giving board resolution to bank to open account or do they also need to give PAN?
Note that if PAN is to be given to bank, then it will take another 2 or 3 weeks to open bank account after incorporation.
Please also let me know what is the time before which subscribers to MOA have to invest money in company after incorporation ? Please quote section, if possible.
This means that subscribers to MOA will not be able to invest money in the company for a period of at least 2 to 3 weeks from the date of formation of the company.
As per law What is the time before which the subscribers to MOA have to invest money in company after incorporation. Kindly quote section.
Kindly let me know what is the time limit AS PER ACT before which subscribers to MOA have to invest money in the form of equity which they have agreed to take up in MOA?
CAclubindia
