CS Divesh Goyal
Quick Summary
MCA has inserted New Section 10A after Section 10 by Companies (Amendment) Ordinance, 2018 Dated 02.11.2018 and same has been inserted in Companies (Amendment) Act, 2019. As per 10A, a company having SHARE CAPITAL incorporated after ordinance i.e. 02.11.2018 shall not commence its business or exe
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FAQ :
Every company incorporated on or after November 2nd, 2019, with share capital, is required to file e-form INC-20A with the Registrar of Companies (ROC).
The declaration must be filed within 180 days from the date of the company's incorporation.
No, as per Section 10A, a company cannot commence business or exercise any borrowing powers unless e-form INC-20A has been filed.
The company will face penalties. The company is liable for a penalty of fifty thousand rupees, and officers in default may be fined one thousand rupees per day, up to one lakh rupees.
No, the ROC does not issue a certificate of commencement of business. Filing e-form INC-20A is a declaration by the directors.
No, the declaration in e-form INC-20A is only required for companies that have share capital.
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