Mr. X is citizen of London, UK. He has a company there with the name ABC. Only time he came to India was for paperwork when the company had to be formed.
He and myself started a Pvt Ltd company in India with the name ABC India Pvt Ltd some 5 years back with paidup capital of 1,00,000 INR. We also have a current account in India.
However the company never did any business or any kind of business related transactions in these 5 years. Neither did we do any Audit nor filed tax returns in all these years.
We want to close the company.
1. What would be the fastest and hasslefree option to close the company?
2. Recently while doing some research on the net, I read on the net that there could be monetary penalties and/or criminal proceedings with jail term against directors of the company incase of non-filing of tax returns? Could it also apply to us even though we never did any kind of business? What are our options to avoid this if any??
3. How much time and money will be required to close the company? (approximately)
Your inputs greatly appreciated.
Thanks for help.
Simran.
CAclubindia
