08 October 2013
Query : We are incorporated a pvt ltd company on dated 10/05/2012 with paid up capital of Rs.1,00,000, 2 directors till date business was not started & nothing is happen. Directors are decided to shut the company.
What is procedure for fast track Exit & please provide us all other attachments reqiure for the same ?
08 October 2013
Voluntary winding up of a Private Limited Company consists of the following steps: Step 1: A special resolution has to be passed by the Board and the members Step 2: Within 14 days of the passing of the resolution, a notice of the resolution should be given by advertisement in the Official Gazette, and also in some newspapers circulating in the district where the registered office of the company is situated. (If default is made in complying with this clause, the company and every officer of the company who is in default shall be punishable with fine which may extend to five hundred rupees for every day during which the default continues.) Step 3: The business activities are to cease the day the resolution is passed. Step 4: The directors have to make a declaration verified by an affidavit, that they have made a full inquiry into the affairs of the company, and that the company has no debts, or that it will be able to pay its debts in full within three years from the commencement of the winding up. Step 5: The above declaration has to be made and submitted to the registrar within 5 weeks (35 days) of passing the resolution for winding up along with the auditors report for the most recent financial period. Step 6: The members have to appoint a liquidator to distribute the assets and pay off the liabilities. Step 7: The registrar has to be notified about the appointment (or resignation) of the liquidator in writing. Step 8: If the dissolution takes more than a year, the liquidator is to hold a general meeting at the end of every year giving the report of the dissolution process and progress with accounts. The same is to be done even on the final meeting for dissolution. Step 9: The minutes of these meetings should be submitted to the registrar as usual.
08 October 2013
in the case of companies with no assets and liabilities where no operations are initiated or whether at least for preceding period of one year there are no operations, such company is called a defunct company and can make an application for strike off of the name under section 560 by making an application under Fast Track Exit Scheme.
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