According to Section 10A of Companies Act, 2013 , a company having a share capital shall not commence any business or exercise any borrowing powers unless—
(a) a declaration is filed with the Registrar by a director within a period of 180 days of the date of incorporation of the company that every subscriber to the memorandum has paid money for shares agreed to be taken by him as per subscription clause of MOA; and
(b) The company has filed with the Registrar a verification of its registered office in form INC 22 as per section 12.
If any default is made in complying with the requirements of this section
- the company shall be liable to a penalty of fifty thousand rupees and
- every officer, who is in default, shall be liable to a penalty of one thousand rupees for each day but not exceeding an amount of one lakh rupees.
ROC may even strike off the name of the company.
Play list of all shorts of sections of Companies Act, 2013
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