I have few doubts on issue of share ceriticate to the subscribers to the MOA
As per sec 113, share cert has to be issued within 3 months of allotment.
My first question is that in the case of subscribers to MOA, what will be the date of allotment? Will it be the date of incorporation or the date of allotment can be decided on receipt of payment from the subscribers.?
date of allotment will be as according to receipt of payment
at the time of incorporation
subscraibers are only members but not share holders
Suppose one of the subscriber who has agreed to take 24000 shares at the time of subscribing to MOA makes payment for 2000shares only and the remaining 22000 shares are therefore alloted to another party.
what steps need to be follow in such case?
will this be consider as transfer of shares or form 2 has to be filed for the new party but there is no change in the capital?
Dear Ekta
A person subscribing to the memorandum shall become a member of the company on its incorporation and remains so till the company accepts his surrender of shares or his transfer of shares {U.P. Oil Mills Co.Ltd. In re(1931)}
An entry in the regiister of member is not necessary and mere allotment on the basis of subscripttion to MOA will be sufficient to constitute him as a member.
In Short, You will issue share certificate with date of Incorporation of the company.
I agree with Mr. Ajay...
CAclubindia
