A private limited company, incorporated in year 1996, has 8 shareholders and 3 directors. The company has business only in year 1996-97 and thereafter there is no any transaction.
The company file its return of income in income tax and file accounts in ROC for that year.
In 1998, the two directors of the company are died and their respective shareholdings are transfered to their Legal Reprsentatives.
The remaining director of the company doesn't sent any intimation to ROC, and doesn't file thereafter Annual Accounts and Return to ROC and doesn't file Return of Income in Income Tax, AS THERE IS NO BUSINESS IN COMAPNY SINCE 1998. The company doesn't hold AGM thereafter.
Moreover the director doesn't have DIN.
Now the sahreholders of the company want to regularize the comapny and want to start the business and appoint a new director.
The status of the company is active. The company also issue additional shares and doesn't intimate ROC.
Please state your views for how the shareholders can regularize the company and which documents needs to be file and for what number of years.
Please let me know what amount of penalty company have to pay for regularization.
If director of the company want to file only last 3 years accounts in ROC, whether any query raised by the ROC? If yes, then what will be the consequenses of the same against the director and the company?
CAclubindia
