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Mandatory Bank Accouny

23 July 2020

if company fail to open Bank account within 30days from incorporation. Then any penalty provision is there under Companies Act 2013 ? Max. how much time it will be opened a bank account?

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Bhargavi nr (9 Points)
Replied 25 July 2020

There is no such provisions to open a bank account in 30 days from date of incorporation, but within 180 days the company should receive money from the subscribers into company's bank account and such proof of the receipt shall be filed with ROC, for commencement of business. otherwise the ROC may initiate strike off procedure.

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