What is the consequence if subscripttion amount not received from the subscribers of the MOA after incorporation of the company ??????????
3 Replies
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 03 August 2016
Company can sue the subscribers for recovery of the amount since it is a debtdue from the subscribers u/s 10(2).
vinay
(CS PROFESSIONAL)
(94 Points)
Replied 03 August 2016
okay. Can we remove the shareholder on account of that
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 05 August 2016
Options:
I) File civil case for recovery of amount; or
II) Get the shares transferred in favour of new investor if the subscriber is willing to do so; or
III) Make fresh allotment of shares to have minimum paid up capital and follow up for recovery of subscripttion amount; or
IV) File petition with NCLT for rectification of register of members u/s 59
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