Companies Act Section 60 — Publication of authorised, subscribed and paid-up capital

CHAPTER IV SHARE CAPITAL AND DEBENTURES

Commercial / Corporate

Summary

Sub-section (1) states that whenever a company puts out a notice, advertisement, other official publication, business letter, billhead, or letter paper that mentions the amount of its authorised capital, that same document must also show, in an equally prominent position and in equally conspicuous characters, the amount of capital that has been subscribed and the amount that has been paid-up.

Sub-section (2) states that if a company fails to comply with the requirements of sub-section (1), the company will have to pay a penalty of ten thousand rupees, and every officer of the company who is in default will have to pay a penalty of five thousand rupees, for each such default.

Official Text

(1) Where any notice, advertisement or other official publication, or any business letter, billhead or letter paper of a company contains a statement of the amount of the authorised capital of the company, such notice, advertisement or other official publication, or such letter, billhead or letter paper shall also contain a statement, in an equally prominent position and in equally conspicuous characters, of the amount of the capital which has been subscribed and the amount paid-up.

(2) If any default is made in complying with the requirements of sub-section (1), the company shall be liable to pay a penalty of ten thousand rupees and every officer of the company who is in default shall be liable to pay a penalty of five thousand rupees, for each default.