As per Rule 23A of the Companies (Incorporation) Rules, 2014, the declaration under section 10A by a director shall be in Form No. INC-20A and shall be filed as provided in the Companies (Registration Offices and Fees) Rules, 2014 and the contents of the said form shall be verified by a company secretary or a chartered accountant or a cost accountant in practice; provided that in the case of a company pursuing objects requiring registration or approval from any sectoral regulators such as the Reserve Bank of India, Securities and Exchange Board of India, etc., the registration or approval, as the case may be from such regulator shall also be obtained and attached with the declaration.
Pursuant to MCA General Circular No. 11/2020, an additional period of 180 days was granted to the newly incorporated companies for filing a declaration for Certificate of commencement of business with Registrar as per the provisions of Section 10A(1) of the Companies Act, 2013. Thus, the company effectively had a total of 360 days to comply with the provisions of section 10A(1) of the Act.
As per Section 10A(2) of the Companies Act, 2013, 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 during which such default continues but not exceeding an amount of one lakh rupees.
In view of the above said violation of non-compliance of provisions of section 10A(1) of the Companies Act, 2013, MCA hereby impose penalty on the Vena Energy Sustainable Power Private Limited and all the officers in default.
Source: https://www.mca.gov.in/bin/dms/getdocument?mds=8B5kwfiEV93Us2I4llPicg%253D%253D&type=open
Further Update: Regional Director has reduced the Penalty for Late Form INC 20A Filing- Read Order here- MCA Reduces Penalty for Late Form INC 20A Filing
