Paying up paid-up capital?

Question

i know the easiest answer is to approach an accounting firm. but i have been going thru the process of understanding the process of formation of a company. and would v much like to resolve these myself, and hence the trouble to all who take the trouble to answer such question. Thanks guys/gals, you make my day! :-)

i wrote my MoA, AoA etc and worked thru most of the steps. now i have a company account and want to pay the paid up capital.

the question is:

do i have to pay the full paid up capital mentioned in MoA? or a part of it. I read the defn which say paid up capital is capital that has been paid by the subscribers. say my minimum paid up capital is 1lac, do the subcribers have to pay up all of it? or 50k is ok?

pl let me know

thanks

Answer 1

Though you said you have written you MoA in the process of resolving connected issues yourself, let me tell you - In India as on date we don't have the term "minimum paid up capital" for a company under the relevant enactment. Have a look at your "Capital Clause" in the MoA and check it with the statutory requirements.

Since you wish to tackle the things yourself, I will be very brief replying your main question. In case of a Private Limited Company you can start the capital a/c (Paid-up Capital) with the minimum of Rs. 20/= and for Public Limited Company the minimum amount could be Rs. 70/=. There are still many manoeuvres to these amounts as well, which I leave upto you to sort that out - as per your desire!!

Answer 2

DD, I'm afraid your talkin circles around this country boy's head!  hehe

If I knew what AoA and MOS was I'd sure throw you a bone.  You seem a nice enough chap.  Good luck.