Governing Section & Rule:
What is INC – 20A?
It’s a Declaration by director to Registrar that “Every subscriber to MOA has paid the value of shares agreed to be taken by him.”
Applicability & Time Frame:
Result of Non-Compliance:
> Penalty to Company: Rs. 50,000.
> Penalty to every officer in default: Rs. 1,000 each day till the default continues subject to max. Rs. 1 lakh.
> Registrar may take initiatives to remove name of the Company from Register of Company.
> Additional fees for filling the form will be attracted.
Steps for filing INC-20A:
> Step 1: Enter CIN of the Company:
Basic details will be prefilled.
If email id is not prefilled then enter the mail id manually as it is mandatory.
> Step 2: Sectoral Regulation:
If the Company is governed by any Sectoral Regulator (SEBI, RBI, etc.) select YES, otherwise NO.
If YES is selected:
Step 3: Attachments:
√ Proof of payment by subscribers for the shares subscribed:
√ Certificate of Registration (If YES is selected in Sectoral Regulator):
√ Optional Attachments, if any.
Step 4: DSC:
To be digitally signed by the Director of the Company (he should not be disqualified); and Company Secretary, Chartered Accountant and Cost Accountant in Practice.
Fees for filling the Form:
|Nominal Share Capital||Fees Payable|
|Less than 1 Lakh||200|
|1 Lakh – 4,99,999||300|
|5 Lakh – 24,99,999||400|
|25 Lakh – 99,99,999||500|
|1 Cr. or More||600|
|Period of delays||Fees|
|Upto 30 Days||2 times of normal fees|
|More than 30 Days – 60 Days||4 times of normal fees|
|More than 60 Days – 90 Days||6 times of normal fees|
|More than 90 Days – 180 Days||10 times of normal fees|
|More than 180 Days||16 times of normal fees|