Share allotment to subscribers of moa

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CA Prateek Garg (Querist)
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26 May 2016 Is there any time limit in companies act, after omission of section 11 and section 248(1)(b), regarding contribution of share capital by the subscriber to MOA.

Further can subscribers to MOA contribute their share capital in cash? According to Section 42(5) all monies payable towards subscription of share UNDER THAT SECTION has to be contributed via banking channel only and not in cash. But is this provision also applies in case of shares allotted to subscribers to MOA

Is it required to file PAS-3 for allotment of shares to subscribers to MOA.

Jatin Bajaj

Jatin Bajaj (Expert)
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26 May 2016 No there is no time limit after the omission of section 11 of Companies Act 2013. Subscriber to MOA can contribute their share capital in cash.
No subscriber to MOA need not to file Form PAS 3.

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