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    Financial year Before Commencement of Business

    Posted By : SHALU / Published on : 31-Mar-2022 01:27 PM / View : 473 / Comment : 2

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    i have incorporated a company on 28/12/2021 but still commencement of business not filed because shareholder preparing their funds.

    is financial year for the company is 31/03/2022?
    if yes how can i conduct the AGM &Books finalisation without any business and sharecapital within the due date?
    Pls tell me the solution for the above.
    Read more on : business commencement before year financial

    • Dear Folk,

      First you have to make payment of subscription money within 180 days from the Incorporation as its mandatory compliances for filing INC-20A.

      Filing of Form INC-20A (Declaration for Commencement of Business) that is to be filed within 180 days from the date of incorporation, Therefore if money still pending and 180 days lapsed then you are supposed to apply closure of the Company on the ground :

      248(1)(d) the subscribers to the memorandum have not paid the subscription which they had undertaken to pay at the time of incorporation of a company and a declaration to this effect has not been filed within one hundred and eighty days of its incorporation under sub­-section (1) of section 10A; 

      For any further query you mat write to me at

      01-04-2022 / 06:09:27 AM
    • Adding to the above query, what if the Company contributed the required share capital after 180 days and applied for commencement of business and received the same by paying the penalty. In this case, how AGM can be conducted when there is no business activities including subscription to share capital.

      11-10-2023 / 10:36:53 AM
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