Jyoti Aggarwal (COMPANY SECRETARY) (336 Points)
30 November 2009Hello Friends,
Pls tel me that can denomination of shares for authorised capital and paid up capital different?
lets authorised capital consist of 10000 equity shares of rs. 100 each and paid up capital 1000 equity shares of rs. 10/- each. of a private co.?
is it right?
If no wat shuld we do to same the denomination as in moa in capital clause it is 100/- each and further we issued all the shares at 10/- each.
Gargi Ranade
(CS)
(619 Points)
Replied 01 December 2009
Hi Jyoti !
Paid up capital is nothing but part of authorised capital only. Hence it can not consist of shares of different denomination than authorised capital.
Case mentioned by you is possible only if consolidation or division of shares have taken place earlier by following proper procdeure for the same.In that case only nominal capital and issued capital remain the same as before .(as per corporate laws and practice module for CS)though paid upcapital denomination is different.
However ,in no other case paid up capital can cross boundries of authorised capital.
Jyoti Aggarwal
(COMPANY SECRETARY)
(336 Points)
Replied 01 December 2009
Thanks a lot Mr. Gargi.
Can u tel me that now wat shuld we do?
means if we hve not followed any process of consolidation or division till date and also issue the shares of Rs. 10 each to the shareholders.
In this case can we divide the shares from back date and if yes wat is the process of it?
or if no wat is the other remedy?
Komal Gupta
(Company Secretary)
(57 Points)
Replied 01 December 2009
Dear Jyoti,
Pls. give some more details. for eg. when were the shares allotted, no. of the shareholders. Are all Promoters (Internal), or there are some outsiders also.
The situation may be different in case the Annual Return is filed with ROC with the said details as mentioned by you and also ITR with IT authorities.
Jyoti Aggarwal
(COMPANY SECRETARY)
(336 Points)
Replied 01 December 2009
Actully except in moa everywhere co. showed face value of Rs. 10 each since incorporation.In all places includine Income tax files and roc fies i.e. annual return
Komal Gupta
(Company Secretary)
(57 Points)
Replied 02 December 2009
In that case, pls. check the share certificates and the accounting entry at the time of allotting shares, Also Form 2 filed to ROC. Also pls. check that initial subscripttion of shares was m,age at Rs. 10/- each by the Promoters at the time of incorporation of the Company. If the same is at Rs. 10/- each, then, there is a possibility that you may consider it as a priniting mistake in the MOA.
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