13 January 2011
As per Easy Exit Scheme 2011, it is applicable for the defunct companies which has nil assets and nil liability and does not has any operative income after 1.4.2008. In case company having positive reserves which had no business after 1.4.2008 repays its liabilities and after that some amounts remains as cash in hand. Can the company go for this scheme? If it can then what should it do with available cash balance?
14 January 2011
Yes, you can apply. Square off the surplus cash by distributing amongst the shareholders. Need any help write to me on: ca.ysmehta@icai.org
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