Sec 149 of companies act 1956

Save Share

This query is : Resolved

Sanchitt (Querist)
Follow

26 April 2015 sec 149 commencement of business is applicable for public company only there is no such section in companies act 2013

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

26 April 2015 Section 11 of the Companies Act 2013 corresponds to section 149 of the Companies Act, 1956 and seeks to provide that the company having a share capital shall not commence business or exercise any borrowing powers unless a declaration is filed with Registrar by a director or subscriber that every subscriber to the memorandum has paid the value of shares taken by him (minimum five lakh rupees for public company and minimum one lakh rupees for private company) and the company has filed with the Registrar the verification of its registered office. The Registrar of companies may remove the name of the company from the register, if a company has not filed declaration within a period of one hundred and eighty days of the date of incorporation and if he has reasonable cause to believe that the company is not carrying on business or operations.

Check out the Section 11 from link given below:

https://www.mca.gov.in/SearchableActs/Section11.htm

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now