RN Madaan (Advocate) (40 Points)
22 October 2008What are implications for a pvt. Ltd. company, if some of the subscribers to Memorandum do not bring capital to the Company and shares have not yet been issued?
Can the defaulting subscribers be replaced with new subscribers? Kindly refer to relevant notifcation or ROC form, if any?
Please help urgently. Thanks.
S.Srinivasaraghavan
(Chief Financial Officer and Co)
(11318 Points)
Replied 22 October 2008
You can not replace the defaulting subscribers by new ones. You have to reover the dues from original subscribers.
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