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of <h1>New Companies Must File Declaration Under Section 10A to Start Business or Borrow, Non-Compliance Leads to Penalties</h1> Section 10A, introduced by the Companies (Amendment) Ordinance, 2019, mandates that a company incorporated post-ordinance with share capital cannot commence business or borrow unless a director files a declaration within 180 days, confirming all subscribers have paid for their shares, and the company verifies its registered office with the Registrar. Non-compliance results in a penalty of fifty thousand rupees for the company and one thousand rupees per day for defaulting officers, up to one lakh rupees. If no declaration is filed within 180 days, the Registrar may initiate the removal of the company from the register.
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