easy exit scheme

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CA Narayan Rao

CA Narayan Rao (Querist)
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07 January 2011 Is a company having cash balance of Rs. 1,40,000 is eligible for Eay Exit Scheme ?

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)
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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;