Tax Finance Info: Public Ltd. Co.

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Registration of Public Ltd. Company in India - A Procedure<br />
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<b><span lang="EN-US" style="font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 13.0pt;">Introduction to Public
Companies:<o:p></o:p></span></b></div>
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<span lang="EN-US">Public Company, as the name
suggests has the ownership of public i.e. shareholders. A Public Company does
not have an inclusive or clear definition in the Companies Act. But the company
that satisfies the following conditions is a public company:<o:p></o:p></span></div>
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<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;">*<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">The Company which is not a private company is a public
company.<o:p></o:p></span></div>
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<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;">*<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">The Company must have a minimum paid – up capital of Five
Lacs Rupees for being a public company.<o:p></o:p></span></div>
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<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;">*<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">A private company which is a subsidiary of a company that is
not a private company.<o:p></o:p></span></div>
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<b><span lang="EN-US">Explanation:<o:p></o:p></span></b></div>
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<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;">»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">The first condition states that the restrictions of private
company will not be applicable to the public company. This can be well
explained by the points given below:<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";">o<span style="font-family: 'Times New Roman'; font-size: 7pt;">  
</span></span><span lang="EN-US">There is no restriction on sale or transfer of shares in
public company as compared to that of a private company.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";">o<span style="font-family: 'Times New Roman'; font-size: 7pt;">  
</span></span><span lang="EN-US">A public company can issue its shares for subscription in
public by an open invitation in public while it is not allowed in a private
company.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Courier New"; mso-fareast-font-family: "Courier New";">o<span style="font-family: 'Times New Roman'; font-size: 7pt;">  
</span></span><span lang="EN-US">There is no restriction on number of members that can join
the Public Company but for a public company number of members is restricted to
200.<o:p></o:p></span></div>
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<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;">»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">The second condition is very simple, as the amount of
minimum paid – up capital is specifically given in the provision which states
the amount as Rs. 5 Lacs which is Rs. 1 Lakh for a Private Company.<o:p></o:p></span></div>
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<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;">»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">The third condition states that the company which is a
subsidiary of a company which is not a private company that means the
subsidiary of a public company is also a public company even if it is a private
company by its constitution.<o:p></o:p></span></div>
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<b><span lang="EN-US" style="font-size: 16.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 13.0pt;">Registration of Public
Companies in India:<o:p></o:p></span></b></div>
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<span lang="EN-US">Procedure for registration of
Public Companies consists of few steps ahead as that of registration of private
companies. Let us see the similar steps of  procedure for registration of public and
private companies in brief and then we will have a look at the further process
required for Registration of Public Companies. <o:p></o:p></span></div>
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<b><span lang="EN-US">Initial
steps of registration process (Which are similar to that of registration
process of a private company):<o:p></o:p></span></b></div>
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<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;">»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">As a first and foremost step, the promoters have to apply
for and obtain the Directors Identification Number (DIN) for the persons who
are going to apply for company’s registration.<o:p></o:p></span></div>
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<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;">»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">The promoters have to apply for a Digital Signature
Certificate (DSC) from the Service provider. It will be used to sign the documents
of company that are to be filed online.<o:p></o:p></span></div>
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<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;">»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">Digital Signatures obtained by promoters are to be
registered with Ministry of Corporate Affairs on the site of </span><span lang="EN-US"><a href="http://www.mca.gov.in/">www.mca.gov.in</a></span><span lang="EN-US"> which is required for role
check.<o:p></o:p></span></div>
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<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;">»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">The Further step is to apply for name approval. Promoters
have to file Form No. 1A which consists of suggesting 6 names in the priority
basis, that are not identical with other companies along with fees of Rs.500.<o:p></o:p></span></div>
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<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;">»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">After receiving the approval of name, file the 3 application
forms initially required for registration of companies. The forms are:<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Wingdings; mso-bidi-font-family: Wingdings; mso-bidi-font-weight: bold; mso-fareast-font-family: Wingdings;">§<span style="font-family: 'Times New Roman'; font-size: 7pt;">  </span></span><span lang="EN-US">Form 1 – Application or
declaration  for incorporation of a
Company<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Wingdings; mso-bidi-font-family: Wingdings; mso-bidi-font-weight: bold; mso-fareast-font-family: Wingdings;">§<span style="font-family: 'Times New Roman'; font-size: 7pt;">  </span></span><span lang="EN-US">Form 18 – Notice of Situation or
change of Situation of registered office<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Wingdings; mso-bidi-font-family: Wingdings; mso-bidi-font-weight: bold; mso-fareast-font-family: Wingdings;">§<span style="font-family: 'Times New Roman'; font-size: 7pt;">  </span></span><span lang="EN-US">Form 32 – Particulars of Appointment
of Managing Director, Directors, manager and …<o:p></o:p></span></div>
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<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;">»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">Pay the fees for registration. The amount of which is based on the amount
of authorized share capital of the company.<o:p></o:p></span></div>
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<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;">»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">Constitution of the company i.e. Memorandum of Association (MOA) and the
guide of internal rules and regulations i.e. Articles of Association (AOA) are
to be prepared.<o:p></o:p></span></div>
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<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;">»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">The following documents are to be filed with Registrar of Companies
(ROC):<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Wingdings; mso-bidi-font-family: Wingdings; mso-bidi-font-weight: bold; mso-fareast-font-family: Wingdings;">§<span style="font-family: 'Times New Roman'; font-size: 7pt;">  </span></span><span lang="EN-US">Documents in supporting of Fees
paid to Registrar of Companies (ROC)<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Wingdings; mso-bidi-font-family: Wingdings; mso-bidi-font-weight: bold; mso-fareast-font-family: Wingdings;">§<span style="font-family: 'Times New Roman'; font-size: 7pt;">  </span></span><span lang="EN-US">Document being an original letter
received from Registrar of Companies, communicating the allotment or approval
of name.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Wingdings; mso-bidi-font-family: Wingdings; mso-bidi-font-weight: bold; mso-fareast-font-family: Wingdings;">§<span style="font-family: 'Times New Roman'; font-size: 7pt;">  </span></span><span lang="EN-US">A stamped copy and a spare copy of
both Memorandum of Association (MOA) and Articles of Association of the Company
(AOA) are to be filed with the ROC.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Wingdings; mso-bidi-font-family: Wingdings; mso-bidi-font-weight: bold; mso-fareast-font-family: Wingdings;">§<span style="font-family: 'Times New Roman'; font-size: 7pt;">  </span></span><span lang="EN-US">Copy of agreement of company with
any person proposed to be a whole time director or manager.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Wingdings; mso-bidi-font-family: Wingdings; mso-bidi-font-weight: bold; mso-fareast-font-family: Wingdings;">§<span style="font-family: 'Times New Roman'; font-size: 7pt;">  </span></span><span lang="EN-US">A power of attorney given to a
person for acting as an authorized signatory is to be submitted which is to be
provided in the non – judicial stamp paper, purchased in the name of person who
is a signing authority.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: Wingdings; mso-bidi-font-family: Wingdings; mso-bidi-font-weight: bold; mso-fareast-font-family: Wingdings;">§<span style="font-family: 'Times New Roman'; font-size: 7pt;">  </span></span><span lang="EN-US">No objection letters from
promoters / directors who are shown as promoters in Form No. 1A but who will
not be associated with the company afterwards are to be filed with the
Registrar of Companies.<o:p></o:p></span></div>
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<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;">»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">After all the documents are submitted, Registrar of Companies on his
satisfaction will issue the Certificate of Incorporation.<o:p></o:p></span></div>
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<b><span lang="EN-US">Raising
Capital:<o:p></o:p></span></b></div>
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<span lang="EN-US">After the Certificate of
Incorporation is received, the company has to raise the capital for running the
company’s business. Capital can be raised by inviting the public to subscribe
for shares. Prospectus is to be prepared and is used as an invitation for
public. The prospectus contains all the details of companies as to how and
where the funds of the shareholders will be utilized. The company may also opt
for raising capital only from directors.</span><span lang="EN-US"><o:p></o:p></span></div>
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<b><span lang="EN-US">Obtaining
Certificate of Commencement of Business:<o:p></o:p></span></b></div>
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<span lang="EN-US">In addition to receiving the
Certificate of Incorporation, Public Company has to obtain Certificate of
Commencement to start the company’s business after raising capital. The steps
involved in obtaining Certificate of Commencement of Business are as follows:<o:p></o:p></span></div>
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<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;">»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">File Form No. 20 - Declaration of compliance with the provisions of
section 149(2)(b) of the Companies Act,1956, in case where a company has not
issued the capital in public. It means that Prospectus inviting public to
subscribe the company’s shares is not prepared so; Statement in Lieu of
Prospectus is to be attached with Form No. 20. The compliance of Section 149
(2)(b) states that:<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Courier New"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Courier New";">o<span style="font-family: 'Times New Roman'; font-size: 7pt;">   </span></span><span lang="EN-US">In case where the public issue is
not made and the shares are to be taken by the directors, all the directors
must pay the amount payable in cash for which they are liable to pay for such
shares to be taken by them.<o:p></o:p></span></div>
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<span lang="EN-US">OR<o:p></o:p></span></div>
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<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;">»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">File Form No.19 - Declaration of compliance with the provisions of
section 149(i)(a), (b) and (c) of the Companies Act,195, in case where the
company has invited the public for subscribing the issue. The prospectus
prepared by company for inviting public to subscribe such issue is to be
attached with the form. The conditions to be fulfilled as per Section 149(i)(a),
(b) and (c) are:<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Courier New"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Courier New";">o<span style="font-family: 'Times New Roman'; font-size: 7pt;">   </span></span><span lang="EN-US">Minimum Subscription of shares is
to be achieved.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "Courier New"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Courier New";">o<span style="font-family: 'Times New Roman'; font-size: 7pt;">   </span></span><span lang="EN-US">All the directors must have paid
for shares allotted to them.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 72.0pt; mso-add-space: auto; mso-list: l1 level2 lfo4; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US" style="font-family: "Courier New"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Courier New";">o<span style="font-family: 'Times New Roman'; font-size: 7pt;">   </span></span><span lang="EN-US">All payments on share allotment
are received.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 72.0pt; mso-add-space: auto; mso-list: l1 level2 lfo4; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US" style="font-family: "Courier New"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Courier New";">o<span style="font-family: 'Times New Roman'; font-size: 7pt;">   </span></span><span lang="EN-US">All the money should be repaid
which are received on share application and to whom allotment is not made.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l1 level1 lfo4; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;">»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">The fees of the above form are to be paid along with filing the form and
it is to be calculated on the basis of Paid – up capital. This calculation can
be made on the MCA21 portal.<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpLast" style="margin-left: 18.0pt; mso-add-space: auto; mso-list: l1 level1 lfo4; text-align: justify; text-indent: -18.0pt;">
<span lang="EN-US" style="color: #4f81bd; font-family: "Agency FB","sans-serif"; mso-bidi-font-family: "Agency FB"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Agency FB"; mso-themecolor: accent1;">»<span style="font-family: 'Times New Roman'; font-size: 7pt;">        
</span></span><span lang="EN-US">In case where the conditions of the above section i.e. 149 (2)(b) or 149(i)(a),
(b) and (c) whichever is applicable are satisfied and the Registrar of
Companies is satisfied with the fact then he will issue the Certificate of
Commencement of Business. The company starts its business on receiving such
“Certificate of Incorporation”.<o:p></o:p></span></div>
<br />
<br /></div>

Registration of Public Ltd. Company in India - A Procedure

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