Jyoti Aggarwal (COMPANY SECRETARY) (336 Points)
21 January 2010We want to incorporate Section 25 Company with a word of “international”.
What is minimum authorized and paid up capital for this company?
Pls also tel me the fee of ROC to incorporate the section 25 co. with international word.
Pls reply asap.
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 21 January 2010
Find attched herewith a useful file regarding authorised share capital.
STEPS PRESCRIBED FOR INCORPORATION OF A SECTION 25 COMPANIES
First make an application in writing to the Central Government on behalf of such company/proposed company as the case may be, for grant of licence under section 25.
Type of section 25 company
A section 25 company, which is proposed to be registered with limited liability, may either be a public limited company or a private limited company as may be decided by the promoters.
No requirement of minimum paid-up capital
Requirement of minimum paid-up capital of Rs. 1.00 Lac for a private limited and Rs. 5.00 Lacs for a public limited company shall not be applicable to a company registered u/s 25 of the Companies Act, 1956. Section 3(6)
APPLICATION TO THE CENTRAL GOVERNMENT FOR ISSUANCE OF LICENCE
The power u/s 25 has been delegated to the Regional Directors of the Ministry of Company Affairs. Accordingly, the application in e-Form 24A for grant of permission under the section is required to be made electronically to the concerned Regional Director (Mumbai/ Kolkata/ Chennai/Kanpur), in whose jurisdiction the registered office of the company is proposed to be situated. The application should be made in conformity with the procedure laid down in the Companies Regulations, 1956 (the said Regulations).
E-Form 24Ahas to be submitted with following enclosures in the PDF files:
(a) Memorandum of association (MoA).
(b) Articles of association (AoA).
(c) Declaration as per annexure V of Companies Regulation Act, 1956.
(d) Declaration by advocate of Supreme Court or High Court, attorney or pleader entitled to appear before a High Court, or a company secretary or chartered accountant in whole time practice that the MoA and AoA have been drawn in conformity with provisions of the Act.
(e) Details of the promoters and of the proposed directors of the company.
(f) A list of the names, addresses, descripttions and occupations of its directors and of its managers or secretary, if any, together with the names of companies, associations and other the directors of the applicant company are directors or hold responsible positions, if any with the descripttions of the positions so held.
(g) Statement of the grounds on which application is made.
(h) If any of the above documents is not in English or Hindi, then a translation of such document in English or Hindi.
Publication of notice
Before making application to the Regional Director, the applicant should publish a notice in a newspaper in the principal language of the district in which the registered office of the proposed company to be or is situated and also in an English newspaper circulating in the district.
Granting of License
The Regional Director shall, after considering the objections, if any, received within 30 days from the date of publication of the notice in the newspaper, and after consulting any authority, department or ministry, as he may, in his discretion, decide, determine whether the licence should or should not be granted.
The Regional Director may also direct the company to insert in its memorandum, or in its articles, or in both, such conditions of the licence as may be specified by him in this behalf.
Best Regards
Jyoti Aggarwal
(COMPANY SECRETARY)
(336 Points)
Replied 22 January 2010
Thanks a lot Mr. Ankur and Mr. Uday..
Can u pls tel me is the same limit is applicable to sec 25 co. or there is some exemption to this co?
Also tel me that is sec 25 co. needs to subscribe no of shares? if yes wats is the limit as there is exemption to sec 25 co. for mininum paid up capial..
CAclubindia
