post incorporation after amount received subscription failure
Please tell us the NIC code for NGO as Section 8 Company
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Hi Ask Members,
We have some companies who have approached us for filing of INC-20A, Declaration for Commencement of Business. As per Law, if the company does not file INC-20A within 6 months of incorporation, the concerned ROC can strike off the name of the company from the Register of Companies. Will filing of INC-20A after 6 months cause any issues later on and might attract strike-off notice from ROC?
incorporation months after filing
Hi Ask Members,
I have one company that missed out to file SH-7 eForm since the last year 2020 Dec and so far there are a total of 3 SH-7 pending as of date.
What is the way to calculate additional fees as MCA only offers fees for the increased capital and unless we file the previous form, how to arrive at the fees of subsequent forms?
Please help if you have any experiences as such.
filing form late fees additional
Hi Members,
Looking at the difficulties of entrepreneurs, GOI launched the Exemption under Angel Tax. Can somebody explain the procedure if any startup has secured an angel funding round and is there any limit of exemption?
Hi Everyone,
While filing eForm INC-24 and filling MGT-14 Form filing date, the error is showing as a java pop that
"Date should be less than or equal to system date".
Kindly help.
Hi Members,
As with the latest gazetted notification, professionals can form multidisciplinary firms for their practice. My question is what would be the name guidelines for forming such entities to go in the corporate format?
firm professional multidisciplinary
Hi CC Members,
According to you what are the best instruments for startup funding?
instrument funding startup
Dear CC Members,
I wish to know from you which instrument is most viable for a startup?
a) Equity Shares
b) Convertible Notes
c) CCPS
d) Any other
instrument funding startup 
A subscriber enters his name, address, occupation and the number of shares to which he subscribed in the Memorandum of Association.
By Signing or subscribing to MOA, subscriber enters into a contract with the company and if the subscription money is not received from the subscriber then it will be considered as breach of contract by the subscriber and may attract civil action for this As per section 10(2) of the Companies Act, 2013, all monies payable by any member to the company under the memorandum and articles is a debt due from subscriber to the company, therefore the subscriber cannot refuse to pay the subscription money, once the Memorandum is registered [Metal Constituents Ltd., In re (1902) 1 Ch. 707].
In case of incorporation of a company, the shares are deemed to be allotted on the date of incorporation of Company however the subscription amount is received subsequently.
A situation may arise when subscribers to the Memorandum of Association fails to pay subscription money as agreed by them.
Under this circumstances, section 10A was inserted by Companies (Amendment) Act, 2019, which states that every company incorporated after 2nd November, 2018, needs to file a declaration in Form No INC-20A, stating each subscriber to the memorandum has paid the value of the shares agreed to be taken by them, within 180 days of the date of incorporation.
It is clear from the definition of the subscriber, that subscriber will become a member on registration of the company.
The name of the subscriber as a member of the company will be entered in the register of Members. Further, pursuant to Section 56 of the Companies Act, 2013, every company shall deliver the certificates of all securities allotted within a period of 2 months from the date of incorporation, irrespective of the fact that subscription money is received or not.