08 April 2010
I have authorised capital of Rs 1 lac. The same needs to be increased to Rs 4 lacs. Now before form no 5 gets approved, is it possible to file the return of allotment in form no 2 for allotment of Rs 3 lacs share?
08 April 2010
No, Until & unless , Form no 5 is not approved ,you can't fil form 2 for allotment of shares. Because increase in authorised capital is approved only after approval of Form no 5.
08 April 2010
Thank you so much. My authorised capital will stand increased to Rs 4 lacs. Now even paid up capital has to be increased. That means i will have to write Rs 4 lacs in paid up capital in form no 5 eventhough the monies have not been received at the time of filing the form?
08 April 2010
Disagree with everyone to a certain extent.
You can pass your resolution for allotment immediately after general meeting (increase in AC) resolution.
For example your GM date is April 10 and your BM allotment date is April 11, then effective date of increase in your paid up capital would be april 11. In other words there is no need to wait for approval of form 5 at least for passing allotment resolution.
However approval of your form 2 for allotment is dependent on approval of form 5 for increase in AC.
CAclubindia
