Allotment of shares to Subscribers to MOA

[Priti Astarag Patnaik]

Hello friends,

 

A small query

There are two subscribers to the MOA of a Private company who also are the directors of the company

 

What will be the date of allotment of the shaes to them ?

 

Shall it be the date of incorporation of the company ?

 

The first board meeting is held 5 days after the incorporation date

 

is it required that board should approve the allotment in the first meeting

how should the allotment be recorded in the minutes of first board meeting ?

 

 

--
with regards,

Mr. Priti Astarag Patnaik

[raja karthik]

Dear friend,

 

As per Section 41 subscribers are deemed to be members since the date of incorporation. There is no allotment of share in this case.

 

In the first Board meeting it can be noted and share certificates be issued to them...

 

Regards,

Karthik

 

[Vivek Hegde]

Dear Mr. Patnaik

 

Usually the procedure will be as follows:

 

1. After incorporation the company has to open an Bank Account in its name.

2. The subscribers to MOA has to put in their subscription money to that Bank account.

3. After that the company can allot shares to the subscribers thru' a BR.

 

I don think it is practically possible to complete all these formalities within 5 days after incorpn.

 

rdgs
 

On 8/19/09, Priti Astarag Patnaik <papa...@gmail.com> wrote:

Mob: 9019756940

[Anusha H]

Dear all,

 

Normally after incorporation Board meeting will be held where all the necessary things will be discussed i.e appointment of the auditors,directors,bankers and so on in the same meeting the matter regarding share allotment can be considered and later on the shares can be issued in the subsequent meeting held.

 

Correct me if i am wrong.

 

 

On 8/19/09, Priti Astarag Patnaik <papa...@gmail.com> wrote:

Hello friends,

 

A small query

There are two subscribers to the MOA of a Private company who also are the directors of the company

 

What will be the date of allotment of the shaes to them ?

 

Shall it be the date of incorporation of the company ?

 

The first board meeting is held 5 days after the incorporation date

 

is it required that board should approve the allotment in the first meeting

how should the allotment be recorded in the minutes of first board meeting ?

 

 

--
with regards,

Mr. Priti Astarag Patnaik

Mob: 9019756940

--
Regards
Anusha H
Management Trainee.

[Priti Astarag Patnaik]

Is it required to file form 2 for this particular allotment ?

[chakri hegde]

Dear Mr Priti,

No need to file Form No. 2 of allotment of shares to subscribers to MOA.

---------------------
With Best Wishes
Chakri G Hegde
Nissin Foods India Ltd.
Bangalore

[Priti Astarag Patnaik]

Will it be sufficient to record that

Item No.9       To take note of allotment of Shares to Subscribers to the Memorandum of Association

 

The board took note of the fact that the subscribers to the Memorandum of Association Mr. B. Kumar and Mr. C. Kumar have agreed to take 6000 and 4000 Equity shares of Rs. 10/- each of the company respectively and pay for it. The board also decided that upon payment by the subscribers in respect of those agreed number of shares, shares certificates shall be given to them.

[RAJESH]

I agree with Mr. Karthik, the question of Allotment of Shares, does not arise, as the subscribers are deemed members. If there is allotment, then naturally Form 2 has to be filed.   Regards,  Rajesh --- On Wed, 19/8/09, raja karthik <rkart...@gmail.com> wrote:

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[RAJESH]

Dear Priti,   01. The Directors, also subscribers will be deemed members from the date of incorporation. 02. The question of Allotment of Shares does not arise. 03. The Board will simply take note of the fact that the subscribers are deemed members in accordance with Sec.41 of the Act.   It will be entered as follows in the Minutes of the First BM  First members.               Pursuant to Section 41 of the Companies Act 1956, subscribers to the Memorandum and Articles of Association of the Company shall be deemed to have agreed to become members of the Company, therefore it was –             “RESOLVED that the names and other particulars of the following subscribers to the Memorandum of Association be entered into the Register of Members.”   Regards,  Rajesh   --- On Wed, 19/8/09, Priti Astarag Patnaik <papa...@gmail.com> wrote:

From: Priti Astarag Patnaik <papa...@gmail.com> Subject: [CSMysore] Allotment of shares to Subscribers to MOA To: csmy...@googlegroups.com

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