I have a query regarding the shares issued to the promoter directors of a private limited company. The memorandum has a subscription page wherein the promoter directors declare that they have subscribed to the shares. But as the company does not have a bank account, does this imply that share capital has been bought in cash. Or is it just an undertaking that they will be subscribing to the shares. |
25 July 2009
Sanjay Salgia: Cash Subscription by Directors
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When Company limited by shares is incorporated and in existence, the shares are subscribed and issued. The shares can be fully paid up or partly paid up. It can be issued for consideration other than cash. So in the instance case the consideration can be in cash (to the extent of paid up value) or it is consideration other than cash. In case of shares issued for consideration other than cash it is advisible to have proper document recording the same in place. I hope this is useful. Thanks, Ami Bhatt
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