Striking off the name of company - easy exit scheme

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Querist : Anonymous

Querist : Anonymous (Querist)

12 January 2012 Hi,

I had started a Pvt. Ltd Co. in 2009, Since then I had not done any operations, I just opened a bank account in company name and funded it with initial capital investment.

I have not filed any incometax return , or ROC return, I want to shut to the company, so I want to follow easy Exit Scheme,

I want an opinion, that do I need to file all returns and then only can i apply for the scheme or I can directly apply to the scheme.

Thanks in Advance.

Jiten Gupta

Jiten Gupta (Expert)
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12 January 2012 If you are talking about fast track Exit Mode then Provision is as follows with regard to Return Filing:

The Company shall disclose all the litigation pending while applying under FTE

BUT If the pending prosecutions are only for non-filing of Annual Returns under section 159 and Balance Sheet under section 220 of the Companies Act, 1956, such Application may be accepted provided the applicants have already filed the compounding application. However, steps for final strike of the name of the company will be taken only after disposal of compounding application by the competent authority.

Querist : Anonymous

Querist : Anonymous (Querist)

12 January 2012 Hi Jitendra,

Can you please guide me about how to file compounding application.

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Jiten Gupta

Jiten Gupta (Expert)
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12 January 2012 By Filing E-Form 61. Also Read the instruction kit provided with it.

Guest

Guest (Expert)

12 January 2012 Hi,

There is no need to go for compounding of offence.

Pls visit the following link :

http://www.mca.gov.in/Ministry/pdf/Circular_36-2011_07jun2011.pdf

You can directly apply under FAST TRACK EXIT scheme and close company.

Thanks

Guest

Guest (Expert)

12 January 2012 As per section 560 of the Companies Act, 1956, Registrar of Companies
may strike off the name of companies on satisfying the conditions therein. As per
present practice, a company desirous of getting its name struck off, has to apply to
Registrar of companies in e-form 61. All pending statutory returns are required to
be filed along with e-form 61.

In order to give an opportunity for fast track exit by a defunct company, for
getting its name struck off from the register of companies, the Ministry has
decided to modify the existing route through e-form – 61 and has prescribed the
new Guidelines. The Guidelines for “Fast Track Exit mode” for defunct
companies under section 560 of the Companies Act, 1956

Guest

Guest (Expert)

12 January 2012 These Guidelines will be implemented w.e.f. 3rd July, 2011.

Querist : Anonymous

Querist : Anonymous (Querist)

12 January 2012 Thanks Neha,

I shall look into eform 61,, and in case if I have any difficulty will get back to you.

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Jiten Gupta

Jiten Gupta (Expert)
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13 January 2012 Read the point 1 (K) of Guidelines properly. It clearly says that if filing of returns are pending then before applying for FTE, u have to make an application for compounding and for compounding u have to go to form 61.

Guest

Guest (Expert)

13 January 2012 Jitendra,

Read carefully, Point 1 (k) says -

If the pending prosecutions are only for non-filing of Annual Returns under section 159 and Balance Sheet under section 220 of the Companies Act, 1956, such application may be accepted provided the applicants have already filed the compounding application. However, steps for final strike of the name of the
company will be taken only after disposal of compounding application by the competent authority.

Point 1 (k) is applicable only when prosecution has been started by ROC against a company for non-filing and it is yet pending.

I trust this clarifies your doubt.

Regards, Neha

Rupesh

Rupesh (Expert)
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16 October 2012 Dear Neha, is there any provision for winding up of LLP, which has not yet done any business and neither complied with its filings since its registered (registered in Oct 2010).