A private ltd co. formed on 1992 has filed the annual return upto 2003-2004. Nothing else has been filed. The company is not carrying on business for the past 5 years. The company wants to file Form 61 for being declared as defunct u/s 560. Can it do so ?
As per the balance it has got an uncalled share capital Rs. 5 per share (face value being Rs. 10). Should co. make the shares fully paid before filing Form 61?
What will be the directors liability after the company becomes defunct?
24 November 2009
The Company can file for being declared as a defunct company under Section 560. However, please note you would have to complete the compliance upto the current period. Moreover, the application has to be accompanied by a audited nil balance sheet (no assets - no liabilities) which should not be more that 1 or 3 month old (please refer the rules issued in this regard) and a declaration by the Directors that all future liability would be on their account.
There was a scheme issued by the then DCA (Dept. of company Affairs) in 2004 for closure of defunct companies. The application has to be made in the formats provided in the same.
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