A private company was formed with Rs 1 crore as authorized capital. During the formation, 2 persons subsriced for 50 lakhs each. Minimum paid up capital requirement is met. One of the persons has not paid the share application money.
1) What procedures needs to be followed for cancelling the subscripttion?
2) Can that person be considered a shareholder? In the Form 20B for annual return, what should be the % of shares attributed to that person ?
