FTE Guidelines are applicable to a defunct company. For the purposes of the FTE Guidelines, any company will be called as "defunct company", which has nil asset and liability and 1. has not commenced any business activity or operation since incorporation; or 2. is not carrying over any business activity or operation for last 1 year before making application under FTE. Any defunct company which has active status or identified as dormant by the MCA may apply for getting its name struck off from the ROC.
12 December 2011
The FTE Guidelines are not applicable to the following Companies:- i. Listed companies;
ii. Companies that have been de-listed due to non-compliance of Listing Agreement or any other statutory Laws;
iii. Companies registered under section 25 of the Act;
iv. Vanishing companies i.e. a company, registered under the Act and listed with Stock Exchange which, has failed to file its returns with the ROC and Stock Exchange for a consecutive period of 2 years, and is not maintaining its registered office at the address notified with the ROC or Stock Exchange and none of its Directors are traceable;
v. Companies where inspection or investigation is ordered and being carried out or yet to be taken up or where completed prosecutions arising out of such inspection or investigation are pending in the court; vi. Companies where order under section 234 of the Act has been issued by the Registrar and reply thereto is pending or where prosecution if any, is pending in the court;
vii. Companies against which prosecution for a non-compoundable offence is pending in court;
viii. Companies accepted public deposits which are either outstanding or the company is in default in repayment of the same;
ix. Company having secured loan;
x. Company having management dispute;
xi. Company in respect of which filing of documents have been stayed by court or Company Law Board (CLB) or Central Government or any other competent authority;
xii. Company having dues towards income tax or sales tax or central excise or banks and financial institutions or any other Central Government or State Government Departments or authorities or any local authorities.
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