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what is Procedure for Commencement of Business, where the company has issued prospectus

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Uma asked over 2 years ago

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3 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 narahari answered over 2 years ago

Declaration: File a declaration in e-Form 20 on the stamp paper of requisite value as required by the Stamp Act of the respective states, with the Registrar. This form is regarding declaration that clause (b) of sub-section (2) of section 149 has been complied with and it has to be duly verified by one of the directors or the secretary or where the company has not appointed a secretary, by the secretary in whole-time practice by signing it digitally. The form is to be filed electronically. However, in case stamp duty is not paid electronically through MCA portal, the company is required to deliver simultaneously the original stamped physical copy of the uploaded e-Form along with a copy of challan/ receipt in the concerned office of ROC failing which such e-Form shall be put into “Waiting for user clarification” in terms of Regulation 17 of the Companies Regulations, 1956 (for specimen of e-form 20, please refer CD provided along with the Study Material or see the link http://www.mca.gov.in/MCA21/

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 veeru answered over 2 years ago

Directors must pay on the shares taken up or contracted against cash payment, or have paid a proportion equal to the proportion payable on application and allotment. Statement in lieu of prospectus: File a statement in lieu of the prospectus. The statement shall be in the prescribed form and contain particulars given in Part I of Schedule III to the Act. The statement will be accompanied by reports specified in Part II of Schedule III of the Act. File the statement at least 3 days before the first allotment.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 lochan answered over 2 years ago

1. Directors must pay on the shares taken up or contracted against cash payment, or have paid a proportion equal to the proportion payable on application and allotment. 2. Statement in lieu of prospectus: File a statement in lieu of the prospectus. The statement shall be in the prescribed form and contain particulars given in Part I of Schedule III to the Act. The statement will be accompanied by reports specified in Part II of Schedule III of the Act. File the statement at least 3 days before the first allotment. 3. Declaration: File a declaration in e-Form 20 on the stamp paper of requisite value as required by the Stamp Act of the respective states, with the Registrar. This form is regarding declaration that clause (b) of sub-section (2) of section 149 has been complied with and it has to be duly verified by one of the directors or the secretary or where the company has not appointed a secretary, by the secretary in whole-time practice by signing it digitally. The form is to be filed electronically. However, in case stamp duty is not paid electronically through MCA portal, the company is required to deliver simultaneously the original stamped physical copy of the uploaded e-Form along with a copy of challan/ receipt in the concerned office of ROC failing which such e-Form shall be put into “Waiting for user clarification” in terms of Regulation 17 of the Companies Regulations, 1956 (for specimen of e-form 20, please refer CD provided along with the Study Material or see the link http://www.mca.gov.in/MCA21/ Download_eForm_choose.html). 4. The company will then obtain the certificate for commencement of business from the Registrar. (For specimen of Certificate of Commencement of Business Thanks

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