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We have incorporated a company with 5 lacs authorised capital in October 2013 with 2 individuals as subscribers to MOA. One individual is Indian resident subscribed for 1 share and the other is a foreign national [who is staying in india for the past 4years] who subscribed for 499 shares of rs.1000 each. Later, the parent company remitted 483000 towards share applicaation money and were allotted 483 shares. Authorised capital increased to 10 lacs also. 1 share is allotted to indian resident on receipt of money but no shares are allotted to foreign national. The FC GPR is filed with RBI. Now RBI is asking why the company has not allotted shares to foreign national when he agreed to subscribe for 499 shares in MOA? My question is it compulsory for company to allot shares to the subscribers to MOA before alloting to external investors. What section in companies act provides this? Company has closed its financial year ending 31st March 2013 and filed Annual compliances with ROC. Kindly suggest

RBI

Posted By: Aravind 9 year(s) ago

This question has been closed if you want to answer,you have to re-open.

Expert Ankit Singhi

It is assumed that subscriber have already been alloted shares there is no need to pass any resolution. They are the shareholders from the day company is alloted. Have u shown the name of foreign national in the shareholding details filed with RBI??

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