companies act

Prashant (Querist) 27 July 2009 This query is : Resolved
1.A Ltd was formed in Jan-08 but till today no certificate of commencement of business is obtained.
2.The subscribers to the MOA & AOA are 10 members out of that one is listed ltd company named as X Ltd.
3.X Ltd is subscribed for 99% of A ltd
4. But till today none of them has paid share capital.
Following queries are raised-
1. X Ltd has not paid a single rupee towards the share capital of A Ltd. Still will A Ltd be treated as subsidiary of X Ltd for the year 2007-08 & 2008-09 merely because it is a subscriber to MOA & AOA. Further A Ltd has not yet obtained certificate of commencement of business. So in that event can it receive the share capital, can it open a bank account.
2. Can A Ltd ,subscriber to MOA & AOA refuse to pay share capital to A Ltd if yes then what is the remedy available to A Ltd for getting share capital.Can it receive from any one else.

Thanks in advance

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