Share subscripttion amount on opc incorporation

225 views 5 replies

S Sinha

43 Points Joined February 2018

Sir / Ma'am,

I have incorporated an OPC with Paid-up capital of Rs.10 Lac. I want to transfer 50% of money in cash (Bank transfer) & other 50% in terms of other fixed assets (Old) like, computer products, furniture, vehicle , etc. Can I do it?

What's the legal procedure for the same?
How to do valid valuation of asset and how to transfer it in the name of company?
Do I need to execute a contract between director & company and need to inform MCA in this context?

Pl. guide.

Thanks!!!

Replies (5)

siva

Student CA Final

181 Points Joined June 2015

registered valuers sec 247 of CA2013

S Sinha

43 Points Joined February 2018

As per Sec 247, ' Where a valuation is required to be made in respect of any property, stocks, shares, debentures, securities or goodwill or any other assets (herein referred to as the assets) or net worth of a company or its liabilities'

1. But, the given asset is of director and the same would be used as capital contribution. Pl. guide whether the same section is applicable.

2. If the given section is applicable then do I need to submit valution report from registered valuer to MCA .

Thanks.