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of <h1>Section 149 of Companies Act, 1956: Conditions for Business Start and Borrowing for Companies with Share Capital</h1> Section 149 of the Companies Act, 1956 outlines restrictions on the commencement of business for companies with share capital. A company that has issued a prospectus must meet specific conditions before starting business or borrowing, including allotting shares to meet minimum subscription, ensuring directors pay for their shares, and obtaining stock exchange permissions. A declaration of compliance must be filed with the Registrar. Companies not issuing a prospectus must file a statement in lieu and meet similar conditions. Non-compliance results in fines. These provisions do not apply to private companies or those registered before April 1, 1914, without a public prospectus.
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