Section 60: Publication of authorised, subscribed and paid-up capital
This section requires companies to disclose their subscribed and paid-up capital whenever they mention their authorised capital in official publications or documents.
The section, clause by clause
What the section says
In plain terms
(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.
If a company's notice or publication mentions its authorised capital, it must also clearly state the amount of capital subscribed and paid-up in the same prominence.
(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.
If a company fails to comply with this requirement, it will be liable to pay a penalty of ten thousand rupees and each defaulting officer will be liable to pay five thousand rupees for each default.
The right-hand column is written from the section text, not quoted from it, and it has no legal force. Where the two differ, the left-hand column is the law.
Amendment notes
- 1. Sub-section (5) omitted by Act 29 of 2020, s. 10 (w.e.f. 21-12-2020).
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Reproduced from the official India Code print for reference. Check the current text on India Code before you rely on it, and read the section alongside its Rules. Nothing here is legal advice.