swati (Articled clerck) (129 Points)
02 September 2010Hii,
I need to know, whether directors of Pvt. Ltd. company can bring in their share capital as in cash form( is it necessarily to be in cheque). If yes, is there any limit to the amount brought in. Will it attract sec 269ss and sec 269t..??
Thank u...
CA Navin Jain
(MANAGER (FINANCE & ACCOUNTS))
(11768 Points)
Replied 02 September 2010
Yes Director can birining to sahre capital in cash form and the provision of Sec 269 is not attracted in the case of share capital.
further Director has the proof of cash withdrawal from the bank or cash in hand
vivek
(CS)
(751 Points)
Replied 02 September 2010
Ajay Mishra
(Company Secretary)
(74337 Points)
Replied 03 September 2010
Dear Friend,
Directors of the company whether private or public can subscribe the share capital of the company either in cash or in kind, there is no restriction of infuse of money in company.
Section 269 deal with appointment of MD or WTD and not deal with share capital.
Regards
CS Ajay Mishra
CAclubindia
