Commencement of business

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PSETHI (Querist)
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07 July 2009 What are the consequences of starting of business without obtaining the certificate of commencement of business by the public company?

Ankur Garg

Ankur Garg (Expert)
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07 July 2009 Hi Pankaj,

If a public company commences business or exercise borrowing powers without obtaining the certificate of commence of business every person who is responsible for the contravention shall be punishable with fine of Rs. 5,000 for every day during which the contravention continues, as per Section 149 sub-section (6).

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