what are the time limit within which the subscription amount to be brought by the subscribers of the company after incorporation under FEMA guidelines.Click here to view / answer Share it on
Please confirm :
As per Section 39 of the Companies Act, 2013 (“The Act”) states that:
“No allotment of any securities of a company offered to the public for subscription shall be made unless the amount stated in the prospectus as the minimum amount has been subscribed and the sums payable on application for the amount so stated have been paid to and received by the company by cheque or other instrument”.
According to the above-quoted provisions, the minimum subscription and application money are the most important requirements for a valid allotment & filing of PAS-3
As a result, one could say that shares cannot be Allot until the application money has been paid to or received by the company (credited) via cheque or other instrument.
Is it right ? or we have any option ?
A Company soon after incorporation allotted shared to the subscribers. However the opening of bank account took time due to legal hurdles. Meanwhile the allottee, a non resident (holding 99% shares) went out of India and bank refused to open account without his presence however they agree if he transfer his shares t a resident person. Is this possible to transfer such shares, which has been allotted pursuant to Incorporation of the Company but for which no subscription money is received yet?
Please confirm :
List of allottees, separate list for each allotment is mandatory, please refer the format given under Forms
Copy of Board or Shareholders’ resolution approving allotment of shares is mandatory in all cases
Valuation Report from the registered valuer is mandatory in case obtained from valuer.
Copy of Contract/Complete particulars of contract duly stamped is mandatory to attach in case securities are issued other than cash
Complete record of private placement offers and acceptances in Form PAS5 is mandatory in case of private placement
Copy of the special resolution authorizing the issue of bonus shares is mandatory in case of bonus issue.
Anything else required ?
Shares are allotted on 1st April 2022; and then shares are allotted again on 5th April 2022 and on 15th April 2022.
In given case details of all the three allotments can be filed through the same form PAS-3 only?
If the form is filed on or before 1st May 2022, as all the events would fall within 30 days.
However, if the company files the eForm on 10th May 2022, then separate PAS-3 would need to be filed for each of these allotments Right ?
"Indian company may issue equity instruments under Section 62(1) (a) (iii) of Companies Act, to a person resident outside India (other than an OCB). Such issue shall be subject to the pricing guidelines prescribed under Rule 21 of NDI Rules."
Is it Right ?
As per SEBI (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2013 dated August 26, 2013
In case of allotment of convertible securities, can the period of six months for lock-in of pre-preferential allotment shareholding under regulation 78(6) be calculated from the date of trading approval granted for last conversion into equity shares by the stock exchange?
Kindly provide your views on the below-mentioned query.
A listed company is proposing to issue and offer share warrants to the Promoter group on a preferential allotment basis. As per the provisions of the Companies Act, 2013, the proposed item is required to be passed by way of special resolution. Whether shareholders belonging to ‘Promoter Group’ to whom share warrants shall be issued can vote in the special resolution?
If not, can the promoter shareholders other than those to whom share
warrants shall be offered can vote in the said special resolution?
A company has been incorporated but the subscribers to the
company has not paid subscription money. Whether it is necessary
for the company to issue share certificates within two months with or
without the receipt of share subscription money as per the provisions
in the Companies Act, 2013?
What is the meaning of term "preferential basis" in case of preferential allotment and to whom securities can be issued in case of Preferential allotment?
Can a company pass resolution for allotment of share before the approval of Form SH-7 filed for increase in authorised share capital?
Can any one provide the list of documents / draft document for preferential allotment in private Company
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