PC Agrawal (PCS) 23 February 2012

Subscriber to memorandum not a shareholder if amount unpaid

Dear friends,

CLB Mumbai Bench has held as per attached order that a subscriber to Memorandum of Association of a company is not a shareholder of the company if he has not paid subscripttion money and hence cannot file a petition u/s 397/398 of Companies Act 1956.

Thanks