A public Ltd Company was incorporated in June 2004. However the Company did not obtain COB till date. (2010-11).
The Company is unlisted and has not issued prospectus.
Further the paid up capital of Rs.5Lacs was paid in 2007-08. Earlier years the paid up capital is partly paid in and in 2008 the paid up capital was fully paid.
The query is can the Company apply for COB now.Will the Company has to file CLB petition of condonation of delay.
Further the share certificates are to be issued as on the date of fully paid up shares.
Please take note that any Public limited Company can not commence any business unless it has received certificate of commencement of business from the ROC which is a conclusive evidence to start business..
Now section 149(2)(b)does not provide any time limit after incorporation during which eform 20 to be filed with relevant declaration.
So according to me if your company has started any business after incorporation then and before receiving any COB then the company has contravened the provisions of the above said section...
Now section 621A this offence is compoundable.A petition has to be filed to the relevant bench of the CLB and preyed for the compounding of offence.
A petition is so drafted in which we prey to Hon able CLB to direct further the respective ROC to take in their record the respective form 20 and issue certificate of commencement of Business.
if your company has not start any business then we can file eform now without Compounding.
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