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 ?
Is there any compliance we need to done after registering for MSME (Ministry of Micro, Small and Medium Enterprises) to receive the payments from our client within 45 days, as directed by the government?
Also, can you please let me know the procedure how to avail MSME benefit to get the payment within 45 days from the client?
One of our client told that they need MSME return to send the payment within 45 days.
Compliance Calendar LLP is Recognised as Startup by DIPP Under Ministry of Commerce & Industry, Government of India