Arnav Jain (Proprietor) (30 Points)
29 March 2019A Private Limited company has been incorporated in India in July 2018 but share certificate is not issued to the promoters of the company.
What is the implication and what is the corrective measure that can be taken?
CA Naveen Chand
(Chartered Accountant)
(12729 Points)
Replied 29 March 2019
WITHIN 2 MONTHS SHARE SHOULD BE ALLOTTED TO PROMOTERS FROM THE DATE OF INCORPORATION
Radhey Shyam Jha
(Student)
(1616 Points)
Replied 29 March 2019
Priya Kashyap
(Student)
(7053 Points)
Replied 31 March 2019
Arunodoy
(Company Director)
(78 Points)
Replied 01 April 2019
| Originally posted by : Arnav Jain | ||
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A Private Limited company has been incorporated in India in July 2018 but share certificate is not issued to the promoters of the company. What is the implication and what is the corrective measure that can be taken? |
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Don't worry.
There is nothing to get punished.
The all above are for Big companies.
For small company start-up, share certificates are just "proof for future if any issue arises". There is no deadline at all as none needs your 'Share Certificate's copy'.
Don't google for it much. Googling for it will never allow sleeping with peace. All websites providing Company/LLP registration, compliance services are terrorizing you and every new start-up.
Share Certificates can be done later too. Once you have paid the share amount, the payment proof is everything for your 'Proof of Share Payment'.
Sit back and relax.
Don't get terrorized by the money hunger Spammers those are terrorizing you saying about huge penalties.
Arunodoy
(Company Director)
(78 Points)
Replied 01 April 2019
| Originally posted by : Priya Kashyap | ||
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share certificate to be issued under common seal signed by two directors or by a director and C.s | |
Can you even read his query please?
His company is Pvt Ltd company.
Please don't spam copy-paste things from MCA website.
Common Seal is 'old ideas' now.
Arunodoy
(Company Director)
(78 Points)
Replied 01 April 2019
| Originally posted by : Radhey Shyam Jha | ||
|
After the incorporation of the company, the company needs to issue the share certificates within two months from incorporation date. Where additional shares are allotted to the new or existing shareholders, the share certificates should be issued within two months from allotment date.Punishment:Where a company makes any default in complying with provisions relating to issue of share certificates, such company would be punishable with a fine that wouldn’t be less than INR 25,000 but could extend to INR 5,00,000 and every defaulting officer of such company would be punishable with a fine that wouldn’t be less than INR 10,000 but could extend to INR 1,00,000. | |
Copying from MCA website and posting here?
Or copying from money hungry service provider's websites???
Please do not terrorize him.
You are student na? One day you will become a CA and will terrorize your clients thisway? Sigh.
This is an unethical practice.
Radhey Shyam Jha
(Student)
(1616 Points)
Replied 01 April 2019
Arunodoy
(Company Director)
(78 Points)
Replied 01 April 2019
| Originally posted by : Radhey Shyam Jha | ||
|
@ Arunodoy please think before saying. What is terrorizing? Answering to anyone query according to Indian Law or regulation is terrorizing?I think you are from Pakaistan ?? | |
Don't you feel shame to copy and past?
You copied the last paragraph from this page: Penalty for breach
It seems you are really a novice here as you termed me a Pakistani.
Stop your slanderous propaganda.
It's brotherly advice to you. Be ethical and professional.
Arunodoy
(Company Director)
(78 Points)
Replied 01 April 2019
@ Priya, for a Pvt Ltd company a CS is not necessary here.
The witness can be anyone appointed to sign by the Directors.
Kindly note, 'Secretary' and 'CS' are different.
CS M Pota
(Company Secreatary)
(3186 Points)
Replied 03 June 2019
When anybody incorporate any Form of a Company under the Indian Companies Act 2013 amended from time to time has to follow the applicable Provisions of the Companies Act and Rules made thereunder.If the same do not follow then there are some actions mentioned in the Companies Act,read with its Rules , which will have to be faced when the same come in to the light.When any person talks in relation to the Companies Act Secretary means Company Secretary (CS) and not Personal Secretary which is called Personal Secretary or Personal Assisatant (PA).
As per the Companies Act a director is having fiduciory position with reference to the Company and the memebers and Sherholders of the Company , for being a good Company a director of the Company is supposed to be a man of compliant of applicable law.
Arunodoy
(Company Director)
(78 Points)
Replied 03 June 2019
| Originally posted by : CS Malay M Pota | ||
|
When anybody incorporate any Form of a Company under the Indian Companies Act 2013 amended from time to time has to follow the applicable Provisions of the Companies Act and Rules made thereunder.If the same do not follow then there are some actions mentioned in the Companies Act,read with its Rules , which will have to be faced when the same come in to the light.When any person talks in relation to the Companies Act Secretary means Company Secretary (CS) and not Personal Secretary which is called Personal Secretary or Personal Assisatant (PA). As per the Companies Act a director is having fiduciory position with reference to the Company and the memebers and Sherholders of the Company , for being a good Company a director of the Company is supposed to be a man of compliant of applicable law. |
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Does that answer my question?
And please don't post- copy-paste here. All can search from where you have copied the lines.
CS M Pota
(Company Secreatary)
(3186 Points)
Replied 03 June 2019
Firsly, i do not require that i copy and past secondly i have not given reply to any question .Secondly , I have expressed my views.
CAclubindia
