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of <h1>Section 10A: New companies barred from business or borrowing until share payment and office verification filed</h1> Section 10A mandates that a company incorporated after the Companies (Amendment) Act, 2019 with share capital cannot commence business or borrow until a director files a declaration within 180 days confirming that all subscribers have paid for their shares, and the company has filed verification of its registered office under section 12(2). Non-compliance attracts a penalty of fifty thousand rupees on the company and one thousand rupees per day on each defaulting officer, capped at one lakh rupees. If no declaration is filed within 180 days and the Registrar believes the company is inactive, proceedings may be initiated to remove its name from the register.
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