Section 17 (3) The receipt of subscription money from the subscribers shall be reported by the company to the registrar on a specified form within forty-five days from the date of incorporation of the company, accompanied by a certificate by a practicing chartered accountant or a cost and management accountant verifying receipt of the money so subscribed.
Penalty: Level 1 describe in Section 17 (4)
Section 17(4) Any violation of this section shall be an offence liable to a penalty of level 1 on the standard scale which means you may penalize of Amount up to Rs. 25,000/-.
How many days to deposit subscription amount?
As per law you have thirty days to deposit paid up capital amount.
How many days to report SECP and file Form 1?
As per law in forty five days after incorporation of company; its mandatory to report form 1 in SECP.
Who verify the subscription capital certificate?
Only CA/CMA are authorize to verify subscription capital certificate whose format is available in General Form and provisions, 2018
How to Deposit Money in Company Bank Account?
Only through banking channel every member/shareholder/promoter of the company deposit the share of amount which subscribed at time of incorporation. For More details read Section 17 (2)
Section 17 (2) All moneys payable by a subscriber in pursuance of his undertaking in the memorandum of association against the shares subscribed shall be a debt due from him and be payable in cash within thirty days from the date of incorporation of the company:
Provided that in case the share money is not deposited within the prescribed time, the shares shall be deemed to be cancelled and the name of that subscriber shall be removed from the register and the registrar shall give such direction to the company in each case as deemed appropriate for compliance with the provisions of the company law.