The Board of Directors must appoint the first auditor of the Company, who is a Chartered Accountant, in a period of thirty days from the date of registration of the Company. This is given under section 139(6)(1).
If the board of directors is not able to appoint the auditor, it must be informed to the members of the company, who within 90 days will appoint such an auditor at an extraordinary general meeting.
The legal Auditor appointed is required to hold the position until the first annual general meeting.
Every company is expected to submit certificates of the securities allotted, transferred or transmitted within a time of 2 months starting from the date of incorporation.
This is applicable with respect to the subscribers to the Memorandum Of Association(MOA).
It is compulsory to open a Company Bank Account wherein each subscriber of the MOA needs to submit the amount of shares that they have agreed upon.
This is written under section 56(4)(a). Fail to allot security, may cost heavy fines on the company and also the subscribers /officials in the company who are at default.
The Company shall be punishable with a minimum fine of about twenty-five thousand rupees (Rs. 25,000) to a maximum of fifty thousand rupees (Rs.50,000).
The amount for every official range from ten thousand to one lakh rupees (Rs. 10,000 to Rs. 1,00,000), hence it is recommended to complete the requirements on time.
A Director files a declaration with the Registrar, stating that each subscriber to MOA has paid their value of shares and the Paid-up Capital of the Enterprise is not less than One lakh (Rs. 1,00,000) in case it's a Private Limited Company.
Until the declaration is submitted the company can't carry forward with any kind of business and financial borrowing.
This is as per section 11(1)(b) of the Companies Act, 2013 which says that the company has to file a verification of its registered office with Registrar of Companies, as mentioned in section(2) of section 12. The form of declaration with RoC is INC-21, which is to be filed within 180 days( six months ) of the company incorporation.
A current account in the name of a company with any Nationalized or Private Bank, with valid address proof of the Company as registered with the RoC.