Shutting down a private limited company

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Nayan (Querist)

16 May 2015 Hi,

We established a private limited company in 2012 in order to get into manufacturing of electronic components related to solar industry, but the company did not do any business since incorporation.
Now, we have two options - either shut down or sell it to some one.

1) If we have to shut down, what is the procedure and how much it may cost in terms of patently etc. The company neither have created any asset nor have any liability.

2) If we have to sell it, one of the director is interested to take it over either by incorporating a new director or by operating as a sole director under the provision of the new company act 2013. If this option is to be followed, what are the procedures and and again how much it would cost? Is it a good idea for the interested director to revive it or instead he should register a new company?

3) Which one would be a better option in terms of lesser legal complication, time requirement and cost?

Hope to receive your expert answers at the earliest.

Regards,

Nayan

Nikhil Kaushik

Nikhil Kaushik (Expert)

16 May 2015 ideally let the director take over the company...it is practically without any costs compared to shutting down..

Nayan

Nayan (Querist)

16 May 2015 Thanks for the prompt reply Nikhqlji..

But, can any one give me a more elaborative answers to all the points raised above?

Shall be happy to have Mishraji's point of view.