07 January 2011
Exit scheme is applicable on defunct compnay, If compnay is not carrying business , they can opt the scheme, no matter there is cash balance of 1.40 lacs.
“defunct company” means a company registered under the Companies Act, 1956 which is not carrying over any business activity or operation on or after the 1st April, 2008 and includes a company which has not raised its paid up capital as provided in sub sections (3) and (4) of section 3 of the Companies Act, 1956;
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