How do I remove/replace a shareholder in a private limited company without commencement of business

It is not possible to transfer the shares before depositing the paid-up capital in the bank account and filing INC 20 A. The first shareholders/ subscribers are those mentioned in the MOA and AOA of a company and by default, the shares are allotted to the first subscribers/ shareholders.

Hence, the first subscribers are required to deposit the paid-up capital in the bank account of the company and file INC 20 A for any further transactions to take place. The shareholders can be removed or replaced only through share transfer and share transfer can be done only after depositing the paid up capital in the bank account and filing INC 20A.

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