Cos to raise Public funds subject to Compliance

All newly incorporated firms and those in the process of getting registered under the Companies Act, 1956 will have now file an additional declaration, saying they will never raise money from public without meeting the norms of SEBI, RBI and other authorities. The ministry has also said that the declaration, which is mandatory, has to be filed by the directors and initial shareholders of the companies. In the case of already registered firms, this declaration would be required whenever the company changes its objects of business.