DIPAK AGARWAL (Service) (554 Points)
13 February 2009
What is the statutory requirement minimum paid up capital amount in case of public limited co.(closely held).
Also inform what is problem is a public co.(non-listed) do not maintaining the minimum limit.
Pl. also inform about any notification of circular in this regard.
Mohan Bellaney
(Entrpreneur)
(46 Points)
Replied 13 February 2009
Sorry to hijack your thread, but I have similar questions and it would be best to find answers to similar questions in one place.
Is there a similar requirement for minimum paid-up capital for Pvt Ltd Companies?
I had a look at the company summary at RoC and found that RoC maintains an entry for the Paid-Up capital. How is this paid-up capital updated to the RoC/MCA?
I believe a receipt is offered to the promoters against the paid-up capital. Is there a specific format for this receipt? If yes, can you please share it with me
Also share certificates are maintained against the paid-up capital and kept with the company. s there a specific format for this certificate? If yes, can you please share it with me
Thanks
Gargi Ranade
(CS)
(619 Points)
Replied 20 February 2009
Please correct me if I am wrong this is my own interpretation
Public Limited Co. is defined under section 3 of Companies Act,1956 ,It is mentioned in defination it self that it should have minimum paid up capital of Rs. five lakh or such higher amount as may be prescribed.according to my knowledge public Co. will automaticaly loose its status as public co. if it do not maintain minimum capital as at the initial stage only it can not be incorporated without minimum Capital ,secondly at the time of reduction of capital, Co. can not reduce its share capital without following procedure of section 100,and needs to file form 23 and form 21 to ROC for reducing its capital with the help of these forms and form 5 filed at the every change in the Authorised capital and events mentioned under section 95 of Companies Act,1956 ROC updates master data of Co. which contains information of authorised and paid up capital.
Even PVT LTD CO. require to maintain minimum paid up ccapital of Rs. 1,00,000 as mentioned in Sec.3 (def.)of Act ,ROC maintain record through forms as mentioned above.
Challan generated at the time of filing of these form acts as a receipt,we need to keep hard and soft copy of these form for our record .we should check that master data is accordingly get updated after filing forms regarding capital of the Company for all Co.(Public and private ),there is no other receipt.
for your refernce attaching file containing format of share certificate ,but it should be noted that each Co. can have its own format for share certificate.
Hope you will get satisfactory answer for your query for further query you can raise query on the same platform
CAclubindia
