Some corporates which might have introduced fake startups to hide back their black money as startup capital are under trouble after issuance of a notification on February 21 to file few important particulars through a form.
Ministry of corporate affairs, in order to curb the shell companies, introduced an e- form ACTIVE needed to be filled by all the companies registered till 31st December 2018 on or before 25th April 2019.
Some of the details that are required for this form include –
- External photograph of the registered office showing name plate.
- Photograph of one director showing internal premises of the registered office who will sign the form
- Latitude and longitude of the office.
- Details of directors, auditors, company secretory, email id etc.
Any failure to fill this form by the specified date could affect the activities of startups as they shall be considered “ACTIVE non-compliant”. Hence they shall be paying some serious penalties and also would not be able to file some important updates like
- Change in authorized or paid up capital
- Change in director except cessation
- Change in registered office
- Amalgamation and demerger
However the above rules are not applicable for the companies under the process of liquidation, amalgamation, striking off or already dissolved.