Now , the Subscribers
to the Memorandum of Association of the Company cannot delay the infusal of
their money in respect of the shares
subscribed by them .
WHEN THE
SUBSCRIPTION AMOUNT HAS TO BE REMITTED?
Until now, Companies Act is silent as to when the payment in respect of
the shares agreed to be subscribed by them.
The subscribers would be deemed to have agreed to become
members of the company and on its registration the name of subscribers is
required to be entered as members in the register of members of the company.
WISHING YOU A HAPPY , PROSPEROUS , LUCKY NEW YEAR 2019
WISHING YOU A HAPPY , PROSPEROUS , LUCKY NEW YEAR 2019
NO NEED TO FILE PAS-3 IN CASE OF INITIAL ALLOTMENT
Thus, there is no need to allot shares in the names of
subscribers to the memorandum of association in respect of the shares agreed to
be subscribed by them in subscription clause of the MOA.
Thus,
in case of initial subscription, no
PAS-3 need to be filed.
FORM –INC-20A
TO BE FILED AUTHENTICATING THAT INITIAL SUBSCRIPTION MONEY HAS BEEN RECEIVED.
Now , the Companies
(Incorporation)Fourth Amendment Rules, 2018 which came into effect from 18th
December, 2018 requires the following:
Declaration at the time of
commencement of business.-The declaration under section 10A by a director shall
be in Form No.INC-20A and shall be filed as provided in the Companies
(Registration Offices and Fees) Rules, 2014 and the contents of the said form
shall be verified by a Company Secretary or a Chartered Accountant or a Cost
Accountant, in practice:
FORM INC-20A
HAS TO BE FILED FOR THE FOLLOWING:
· Subscribers Proof of Payment
for value of shares.
· Certificate of Registration
issued by RBI in case of NBFC companies
· Approval if any required by Securities and Exchange Board of India, (SEBI) .
COMPANY
CANNOT COMMENCE THE BUSINESS
It may be noted that the Form
INC 20A is required to be filed by every Company incorporated after 2nd
November, 2018 within 180
days from the date of incorporation along with the evidence of receiving
initial subscription money. Without this, the Company can’t commence its
business operations.
Sir,Form INC 20A is not available
ReplyDeleteIt will be released soon by MCA
ReplyDeleteSir, if a company after incorporation has received money from subscriber and has applied for NBFC license, but don't get it within 180 days then how to proceed.
ReplyDeleteForm Inc-20A has to be filed for the initial subscription within 180 days of incorporation and It cannot commence the business until it gets NBFC licence. If NBFC License is received after 180 days , then another Form INC-20A has to be filed thereby attaching NBFC Approval letter from RBI. Then only , it can commence NBFC Licence.
ReplyDeleteSir, thanks for this article...my question id- in case of a WOS section 8 company whose parent is a foreign company can not revrece subscription money without obtaining the FCRA licence. In that case how should/would we file INC-20.
ReplyDeleteThis comment has been removed by a blog administrator.
ReplyDeleteWhen Company Incorporated, INC-20A was not released by MCA, and now, company wants to issue work order but still bank account of the company has not opened, hence INC20A can not be filed, so can company issue work order before releasing of Form INC-20A by MCA.
ReplyDelete