In case of newly incorporated company, situation may occur when subscribers to the Memorandum of Association (‘MOA’) fails to pay subscription money as agreed by them in MOA. Earlier there was no time limit prescribed in the Companies Act, 2013 (the ‘Act, 2013’) for depositing the subscription money by the subscribers to the Company. As per the recent amendment, a Company which has been incorporated on or after 02 November 2018, shall within 180 days of incorporation required to file the declaration by the director with the Registrar of Companies (‘ROC’) stating that every Subscriber to the Memorandum has paid the value of shares taken by them.
As per Section 3(1) of the Companies Act, 2013, “a company may be formed for nay lawful purpose by-
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