ankit somani (Partner) (82 Points)
10 December 2014Dear Members,
I haved incorporated a private limited company in Nov 2014...........
Q1 What is the time limit to issue share to SUBSCRIBERS of MOA?
Q2 Does Return of allotment is to be filed with ROC (compulsorily)?
Q3 Does a separate bank account (Escrow) mandatory?
Q4 Does a BOD resolution or shareholders Resolution required? Will it even require filing through MGT 14?
Please revert back.....
Thanking you in anticipation.......
ANKIT SOMANI
BCom, FCA, CS
098297-45560
Paras mehra
(Chartered Accountant)
(3610 Points)
Replied 03 January 2015
Hello Ankit,
Let me take this pleasure to answer your queries:
1.When you are alotting shares for the first time, you dont need to file return of alottment to the ROC.
2. There is no prescribed time limit for the alottment, however you should issue share certificates within 30 days of incorporation, otherwise when you go to the sub registrar for stamping of share certificate, he will levy penalty on you.
3. Initially, Company generally open a bank account for the first time, so there is no question of separate bank account. Separate bank account is needed only when you subsequently issue shares through privvate placement.
4.No shareholder resolution is needed, only a Register of members is to be maintained and all the required details are to be kept in the register.
In case of any doubt, please reply back.
Regards
CA Paras Mehra
(paras @ quickcompany.in)
CAclubindia
