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Company law 2013 case

RACHANA DAGA (CS) (555 Points)

06 June 2014

Respected Sir/Mam

A comapny was incorporated with the authorised capital of Rs. 2.5 Crore and the same amount was for subscribed capital.Company filed with the Registrar the same amount and now in mca portal Authorised and paid-up capital are shown as 2.5 crore.But the comapny coudln't get all the subscripttion i.e 2.5 Crore and the apid-up capital of the company is also less than 2.5 crore. Now the company wants to file with ROC the actual subscribed and paid-up capital (i.e reduced).Then in MCA portal the nescessary changes will be made accordingly taht means reduced amount will be displayed or some procedure has to be followed??

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CS GK Murty (Company Secretary) (225 Points)
Replied 08 June 2014

As per Section 56 (4), a Company will be required to deliver share certificates to the subscribers, within two months from the date of incorporation. It means that the subscribers should bring the subscripttion money within two months of incorporation.

Further, as per Section 248 (1), if the subscribers have not paid the subscripttion amount within 180 days from the date of incorporation, the ROC can remove the name of the Company from the Register of Companies. It means that the subscribers have time upto 180 days from the date of incorporation to bring in the subscripttion money.

There is no need to file with roc regarding the current status of paid up capital but to initiate steps to realise the balance unpaid amount accordingly.