Hello Professionals
In terms of Section 73 of the Companies Act, 2013 read with Rule 2(1)(c)(vii) of Companies (Terms and conditions of acceptance of Deposit) Rules, 2014, deposits do not include receipt of money from Director of the Company, but the money received from a member is treated as a deposit. In case the deposit is taken from a person who is both a director and a member of the Company, will such receipt of money be treated as a deposit or not?
Hello Professionals
In terms of Section 73 of the Companies Act, 2013 read with Rule 2(1)(c)(vii) of Companies (Terms and conditions of acceptance of Deposit) Rules, 2014, deposits do not include receipt of money from the Director of the Company, but the money received from a member is treated as a deposit. In case the deposit is taken from a person who is both a director and a member of the Company, will such receipt of money be treated as a deposit or not?
what are the time limit within which the subscription amount to be brought by the subscribers of the company after incorporation under FEMA guidelines.
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hello professionals,
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 to 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?
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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 ?
Hi All!
On what basis is the promoter allowed to withdraw the money from the separate account under Real Estate (Regulation and Development) Act, 2016?
rera
under
promoter
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withdrawal
If we filed INC-20A for Company on 182nd day with a late fee of 600/- but the subscriber paid money within 180 days.
Is it non compliances ?
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payment
There is no prohibition/restriction under the Companies Act, 2013 for receiving the subscription money in cash (i.e., not through account payee cheque or other banking channel).
However, the company and/or subscriber(s) has(ve) to comply with the provisions of the Income Tax Act, 1961 with regard to cash transaction.
subscription
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Dear All,
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?
Can a foreign subsidiary incorporated in India receive its subscription money in installments?
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foreign
money
subscription
Can a company pass resolution for allotment of share before the approval of Form SH-7 filed for increase in authorised share capital?
filing
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allotment
Hi All,
There is a newly registered company and the Subscribers want to pay Subscription money in Kind in the form of Assets. Can we do that?
I feel it is not possible however want to have clarity.
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