https://www.taxtmi.com/circulars?id=10718 Subscription by an existing company (directly or through nominees) to shares set opposite signatories' names in a new company's memorandum constitutes a direct subscription for unissued shares and renders those signatories immediate members. If such agreed subscriptions exceed the percentage limits in section 372, the subscribing company must satisfy the procedural requirements of section 372(4) before the new company can be registered. For the 25 percent subscribed capital threshold, use the total number of shares agreed to be taken by all memorandum signatories as the subscribed capital. en-us Wed, 12 Dec 1962 00:00:00 +0530 Thu, 16 Jun 2011 15:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=10718 Subscription by an existing company (directly or through nominees) to shares set opposite signatories' names in a new company's memorandum constitutes a direct subscription for unissued shares and renders those signatories immediate members. If such agreed subscriptions exceed the percentage limits in section 372, the subscribing company must satisfy the procedural requirements of section 372(4) before the new company can be registered. For the 25 percent subscribed capital threshold, use the total number of shares agreed to be taken by all memorandum signatories as the subscribed capital. Circulars Companies Law Wed, 12 Dec 1962 00:00:00 +0530 https://www.taxtmi.com/circulars?id=10718