Easy Exit Scheme 2010

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 June 2010 Sir,

We have a defunct company as our client.
In its balance sheet, there are only Loans & Advances to Shareholders(assets) and Reserves & Surplus.

I want to know if we apply for EES,2010.
How this asset (Loans & Advances) will be discharged before liquidation ?

Rasesh

Rasesh (Expert)
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02 July 2010 There is no clarification in the matter by the MCA, till date.

However, on the basis of the informal discussion I had with some of the practising CS, the word is that nil assets and nil liabilities is required. If there are loans and advances or any other assets, the ROC will not accept or will not process or will not remove the name of the company from its register.