Correction of paid up capital in master data

[Sitaram]

Dear All,

The paid up capital in the Master data of the Company needs to be corrected. When we contacted the ROC for correction, we were told that since the company is incorporated after 2008, a ticket would have to be raised on the MCA portal, in this regard.

The MCA portal states that " Paid up capital is corrected based on the data entered in Form 2, Form 23AC, Form 20B, Form 5"....for any other correction, raise a ticket.

Does it mean that the paid up capital can be corrected only when the next Annual return/23AC is filed by the Company?.

Has anyone experienced a similar situation recently? (since the process was different earlier.)

Please help in this regard.

Best Regards,

Sitaram 

[VIJAY BAHETI]

Dear Sitaram,

 

Dont worry about your problem, because the paid up capital will increase at the time of annual filing or before if you file form for increase in authorised share capital.

 

 

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[Sitaram]

Dear Vijay,

Thank you.

However, the paid up capital figure has increased since the paid up capital amount has been wrongly mentioned in the Form 5 and not in the Form 2. The authorised capital was increased by filing a Form 5 in order to accommodate an allotment. However, in the Form 5, it appears that the column in the paid up capital has been wrongly filled in.

Now the Company wants to allott the shares to the extent of authorised capital. It may not be possible to file form PAS-3 , to cover all the shares allotted since the paid up capital in the master data is wrongly shown as a higher amount.

What do we do in such a situation. The balance sheet/annual returns would be filed somewhere in September.

Regards,

Sitaram

[VIJAY BAHETI]

Dear Sitaram,

 

It is my personal opinion to you,

 

(Suppose you incorporate company with 1 Lac Authorised & 1 Lac Paid Up, Then you filed form 5, from 1 Lac to 50 Lac, in this form you wrongly entered the paid up 10 lac. Now there is paid up difference of 9 Lac, right.

Now you want to make allotment with full amount of authorised capital).

In this case you file form PAS 3 for amount 9 lac in back date i.e. which is date of increase in authorised share capital , Hence, your Paid up will match.

 

Then after approving this form, you file another PAS 3 for remaining amount,

 

Hence you can solve your problem.