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Will my company account get freezed if I didnt take INC 20A : Commencement of Business within 1 year of company incorporation?
Will my company account get freezed if I didnt take INC 20A : Commencement of Business within 1 year of company incorporation?
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Anjali Bansal, Practicing Company Secretary 
Answered on July 14,2021
Following are the consequence for non-filing of the form beyond 360 days:
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Company will be liable to pay Rs. 50,000 penalty for not filing the Form INC 20A
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Every officer who is in default is liable to pay Rs. 1000/- per day of default upto a Maximum Rs. 1,00,000/-
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Registrar may initiate action for the removal of the name of Company / Strike off company name.
To know more, please write to me at anjalibansalcs@gmail.com
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We incorporated company for 10 Lakhs and deposited check of 2 Lakhs as commencement capital. Can we modify the commencement capital from 10 lakhs to 2lakhs? What forms need to be submitted for change of capital then file form 20 a to be a complaint? We made 20 lakhs from the business so far. 10 lacs was both authorized and subscribed amount and instead of 10 lacs we had deposited only 2 lacs in companies account and commenced the business. What forms should be submitted to reduce the authorized and subscribed amount? Form MGT -14?
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