CA Himanshu Bansal (Risk Manager) (2345 Points)
24 August 2009Hello Experts,
XYZ is a firm rendering Professional services.
Now XYZ wants to form a Private Limited Company.For this purpose,As per Company act,1956,the minimum Paid up capital of the Pvt Ltd co. should be 1 Lakh Rupees.
Now the query is,if the company has furniture worth Rs.50000,Computers and printers worth 50000-60000,can these be included in the capital ?
And is Cash/Bank Balance included in the Capital A/c of the Company ?
Manmohan ACA, CS
(Chartered Accountant )
(14243 Points)
Replied 24 August 2009
paid up capital means share capital or capital guarantee as per memorandum of association. it does not mean fixed assets
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 24 August 2009
Agree.
Fixed Assets can not be considered as Paid up share capital with in the meaning of Section 3(1)(iii) and (iv).
Regards
CA Himanshu Bansal
(Risk Manager)
(2345 Points)
Replied 25 August 2009
@ Manmohan,Ankur Sir,
Thanks for ur valuable replies..
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 25 August 2009
Keep it up...
CA Karan Joshi
(ACA)
(149 Points)
Replied 02 April 2010
Mr, Garg...!!!
one more ..query...!!! if possible please answer d same.......!!
according to sec ..there is a limit for private companies to have its minimum paid up capital of Rs. 1,00,000 /-
and for public companies...the limit is Rs 5,00,000/-
my question..is whether the same should be equity capital or preference capital shall also be considered for this purpose....?
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