Section 14(5) in The Companies (Prospectus and Allotment of Securities) Rules, 2014
(5)The payment to be made for subscription to securities shall be made from the bank account of the person subscribing to such securities and the company shall keep the record of the bank account from where such payment for subscription has been received:Provided that monies payable on subscription to securities to be held by joint holders shall be paid from the bank account of the person whose name appears first in the application:Provided further that the provisions of this sub-rule shall not apply in case of issue of shares for consideration other than cash.
