Nishant Mishra
Quick Summary
As per Section 10A Sub-Section (1) every Company incorporated after the commencement of the Companies (Amendment) Ordinance, 2019 and having a share capital shall not commence any business or exercise any borrowing power unless- A declaration is filed by a director within the period of 180
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FAQ :
A company must file e-Form 20A with the ROC, declaring that subscribers have paid for their shares, and also file e-Form 22 verifying the registered office. This must be done within 180 days of incorporation.
e-Form 20A must be filed within 180 days of the company's incorporation.
If e-Form 20A is not filed within 180 days, the company faces a penalty of ₹50,000, and officers in default are liable for ₹1,000 per day, up to a maximum of ₹1,00,000. The ROC can also start the process to remove the company's name from the register.
No, e-Form 20A does not signify the commencement of business. Any business activity can only be undertaken after filing e-Form 20A.
Yes, if sector-specific regulators like SEBI, IRDA, RBI, or RERA need to grant permission for the commencement of business, this permission must be attached to e-Form 20A.
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