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July 2013

Power of ROCs to obtain declaration/ affidavits from subscribers/first directors at the time of incorporation

By Sejal Vasa, Company Secretary
Reading Time 1 mins
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Vide Circular No. 11/2013 dated 29th May 2013, the Ministry of Corporate Affairs has given the power to the ROC to obtain declaration/affidavits from subscribers/ first Directors at the time of incorporation to ensure that Companies raise monies in accordance with provisions of Companies Act/Deposit Rules. The affidavits/declarations may also be asked when Company changes its objects Clause to the effect that Company/Directors shall not accept deposits unless the applicable provisions of Companies Act, 1956, RBI Act, 1934 and SEBI Act, 1992 and rules/ directions/regulations made thereunder are duly complied.
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