Ministry of Corporate Affairs

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

Keeping in view the need to protect the interest of investors and ensure that Companies raise monies in compliance’s to the provisions of the Companies Act/ Deposit Rules, the Ministry of Corporate Affairs has through General Circular No. 11/2013 dated 29th May,2013 given powers to ROCs to obtain declaration/ affidavits from subscribers/first directors at the time of incorporation to the effect that the company/directors shall not accept deposits unless compliance with the applicable provisions of the Companies Act, 1956, RBI Act, 1934 and SEBI Act, 1992 and rules/regulations/directors made thereunder are duly complied and filled with the concerned authorities.

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