darrylbelloni (22 Points)
11 December 2009Please help.....
A public company has been incorporated on aug07 and has got teh certificate of practise on november 07. it has not filed any documents with the Income tax authorities or with RoC. the authorised capital is 10 lakhs and the promoters has subscribed to 5 lakhs of the share capital. is the company needed to issue share certificate to the promoters who are themselves the director of the company. the company has not gone for any public issue..... please advice ...
CS Snehal
(Compliance Manager)
(346 Points)
Replied 11 December 2009
Yes, The promoters have to be issued share certificates.
darrylbelloni
(22 Points)
Replied 11 December 2009
thanks Snehal..... but the problem is tat no procedures have been iniated since incorporation.... wht is the procedure to be followed to issue share certificate to the promoters....
CS Snehal
(Compliance Manager)
(346 Points)
Replied 11 December 2009
I believe that yours is a closely held company. So have a back dated meeting for the allotment of shares. After that you can make share certificates take them on a hard paper, put the names, certificate numbers, distinctive numbers, folio no etc and print them. You can put scanned signatures of the authorised signatories.
Get one share certificate franked with the stamp duty.
Maintain a register for share certificates issued.
Also, file form 2 with late charges.
Hope this clarifies.
darrylbelloni
(22 Points)
Replied 12 December 2009
ya ... thanks a lot...i asked many ppl but didnt get any reply... thanks u have cleared my doubts....
darrylbelloni
(22 Points)
Replied 12 December 2009
but one more doubt, if u consider me not disturbing too much... i have come across many private companies not having printed share certificates... share allotment is only in paper.... is this a default attracting penaty....
CS Snehal
(Compliance Manager)
(346 Points)
Replied 12 December 2009
Please check issue of share certificate rules.
Also getting it printed in house is also not a big thing. Its better to get them printed and give it to the shareholder. Its complete compliance by the company.
CS. Ashish Shah
(Service)
(175 Points)
Replied 30 January 2010
kirti arora
(CS, CA IPCC)
(45 Points)
Replied 30 January 2010
As Per the companies Act 1956, when a public limited got formed, there should be a minimum of Paid up capital of Rs. 5 Lakh and the same should be subscribed by the Promoter of the company who are the subscriber of the company, and for this the company has filed form no 1 with the ROC while at the time of incorporation, there is no need to file any form with the ROC with regard to issue of share capital, But the company should have to issue share certificates to its promoters in the first Board meeting Becoz this share certificate is conclusive proof of having share in the company by the promoter
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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