Section 27 - Amendment of section 248 - Companies (Amendment) Ordinance, 2019

Amendment of section 248 27 . In section 248 of the principal Act, in sub-section (1),- (a) in clause (c), for the word and figures section 455, , the words and figures section 455; or shall be substituted; (b) after clause (c) and before the long line, the following clauses shall be inserted, namely:- (d) the subscribers to the memorandum have not paid the subscription which they had undertaken to pay at the time of incorporation of a company and a declaration to this effect has not been filed within one hundred and eighty days of its incorporation under sub-section (1) of section 10A; or (e) the company is not carrying on any business or operations, as revealed after the physical verification carried out under sub-section (9) of section 12. .