Kamal Pal (Dy. Mgr. Accounts) (128 Points)
23 November 2021issued shares from paid up capital without checking the authorized capital along with paid up and differential right shares size mentioned in MOA now CS asks to increase authorised capital to resolve. My query here is if we should file increase in current year or do it back dated?
Note - share issued in f.y 2020-21
This is an urgent query as needed to disclose in audited statement and auditor report before avm 30.11.2021.
CA Raj Doshi
(Practising CA)
(8924 Points)
Replied 23 November 2021
Kamal Pal
(Dy. Mgr. Accounts)
(128 Points)
Replied 24 November 2021
Thanks for responding, Sir, actually shares are already issued to mr. x but CS did not check the revised MOA of 2010 under which 75k share issued with voting rights and 20k share issued on differential rights, while 100 shares issued in the year with voting rights in addition to 75.1k (75k+100) without taking in the consideration that 100 shares can not be issued from 20000 shares.
Now CS provided a solution to increase authorized capital from 9.50 lacs to 9.51 lac or extra to cover the gap and if we should increase the share capital in current year or file it back dated (which is time and additional money consuming).
Please reply.
Chirag
(Professional)
(1979 Points)
Replied 27 November 2021
CAclubindia
