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Return not uploaded as paid up share capital is less

Rajesh Poddar (Chartered Accountant) (321 Points)

26 April 2011

26/04/2011

Dear All.

A Private limited company is formed in March 2008 with Authorized capital as5 Lakhs. Now there are hardly any transactions for F.Y. ending 31/03/2008 and 31/03/2009. The IT return for both the years were filed in March 2010 with Paid up capital as 1 Lakh.

Further the promoter has only bought in 1 lakh capital instead of 5 lakh capital.

Now my query is that, The CS is refusing to upload the Return ( 20B, 23AC,23ACA on the ROC website as he is of the opinion that the Paid up capital is less than 5 lakhs). Is he correct.

How do we go about it and find some solution to the above problem.

Your expert views are invited. Please reply

CA Rajesh Poddar

Email: rajeshpoddarceo @ gmail.com

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7 Replies

SANTOSH SHAH (Company Secretary) (754 Points)
Replied 26 April 2011

Originally posted by : Rajesh Poddar
	26/04/2011 Dear All. A Private limited company is formed in March 2008 with Authorized capital as5 Lakhs. Now there are hardly any transactions for F.Y. ending 31/03/2008 and 31/03/2009. The IT return for both the years were filed in March 2010 with Paid up capital as 1 Lakh. Further the promoter has only bought in 1 lakh capital instead of 5 lakh capital. Now my query is that, The CS is refusing to upload the Return ( 20B, 23AC,23ACA on the ROC website as he is of the opinion that the Paid up capital is less than 5 lakhs). Is he correct. How do we go about it and find some solution to the above problem. Your expert views are invited. Please reply CA Rajesh Poddar Email: rajeshpoddarceo @ gmail.com

Hi Rajesh

Minimum Paid up capital required for any Pvt Ltd company is 1 Lac. I dont see any issue with the filing.

Other views solciited

regards

Santosh Shah

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CS Shivi Reddy (COMPANY SECRETARY) (175 Points)
Replied 29 April 2011

Minimum paid p capital required for Pvt. Ltd. Co. is Rs. 1 lakh... so Form 20B, 23AC & 23ACA can be filed any how...

The paid-up capital of the company is not an issue at all for not uploading the specified e forms....

Regards

Shivi

Neetu Agrawal (PCS) (213 Points)
Replied 30 April 2011

Hi,

The minimum paid up capital of pvt ltd co. is 1lac with which the company cn file all the necessary forms with ROC.

so thr shudnt be ne problem with uploading of forms. Ask ur CS to clarify the need for increasing the paid up capital.

SkDash (CS (Member) CWA (Final)) (909 Points)
Replied 30 April 2011

Rajeshji-

Pl make the query clear from the CS. Auth Cap is the max amount which the co can raise by issuing shares and there is no compulsion for the co tio encash the whole fig of Auth Capital.

Min paid cap is Rs 1 lk and as claimed by you, the promoters have already brought the same 1 lk to the co.

There should not be any problem for form upload and as per me, there is some other problem for the CS to upload.

Jyotika (study study n study) (147 Points)
Replied 17 May 2011

Check the status of form-2 filed with ROC is it for 1 lac or 5 lac.......................

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Jayashree S Iyer (Company Secretary) (3224 Points)
Replied 17 May 2011

If as per the MOA subscripttion clause, the subscriber has undertaken to bring in a share capital of Rs.5 lakhs, then he is bound to bring in that amount. It's true that the minimum paid up capital for a private limited company is Rs.1 lac as per the Companies Act, 1956 but the subscripttion clause overrides the Companies Act.

CS Ankur Srivastava (Company Secretary & Compliance Officer) (17853 Points)
Replied 18 May 2011

In my opinion the query is not correct:-

In my opinion the Company must be registered with the paid up capital of Rs. 5 Lacs but the Balance Sheets were made with the paid up capital of Rs. 1 lacs only. This must be the reason why the CS is making objection in filing the annual forms.

Is it correct???