What is the time frame for geting subscripttion money from the shareholders for incorporation of the company?? or even after the incorporation of money?
Please do reply with either supporting case or law.
Krati (CS, IPPC in May 10) (93 Points)
13 November 2009What is the time frame for geting subscripttion money from the shareholders for incorporation of the company?? or even after the incorporation of money?
Please do reply with either supporting case or law.
CA. Prabudh Sharma
(CA)
(83 Points)
Replied 15 November 2009
The subscribers to the MoA agree to take up the no. of shares stated against their name in the list of subscribers. The declaration is generally signed at a date prior to the date of incorporation. Hence, subsequent to such 'agreement' the subscribers must subscribe to their shares immediately the co. is incorporated.
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