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Easy exit scheme

Kanika Gupta (C.S Trainee) (100 Points)

19 July 2010

Can a company which is still in operations can get its name strike off under Easy Exit scheme???? plzzz reply , its urgent

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7 Replies

vivek (CS) (751 Points)
Replied 19 July 2010

Upto my understanding it can be done but before that u will have to make ur balance sheet figures zero.

Others views solicited,

Regards,

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Nitin Grover (CS) (1228 Points)
Replied 19 July 2010

Originally posted by : Kanika Gupta
	Can a company which is still in operations can get its name strike off under Easy Exit scheme???? plzzz reply , its urgent

Dear Kanika

Whichj type of operation / working i.e. Opening or any other?

Regards

CA SURENDRA KUMAR RAKHECHA (Practising CA at Surat) (26263 Points)
Replied 19 July 2010

Nitin has asked a very relevant question.

To exit; the directors have to give Affidavit individually and one Idemnity Bond signed jointly stated that there is no outstading towards financial institutions and creditors.

Even though no balance sheet has been filed so far; a single balance sheet certified by a CA (which should not be older than 30 days); still the route can be taken.

The charges are NIL. No payments to government.

Kanika Gupta (C.S Trainee) (100 Points)
Replied 19 July 2010

if a company has unsecured creditors , can it go for striking off its name , though it is not working ??

CA SHABIR (CA) (336 Points)
Replied 19 July 2010

Refer "The Chartered Accountant Student" Journal July 2010, Page 32 for full text on EES 2010.

Thanks

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CA SURENDRA KUMAR RAKHECHA (Practising CA at Surat) (26263 Points)
Replied 19 July 2010

The company cannot go for exit if there are unpaid creditors.

The law does not permit defaulters to take benefit of the scheme.

Neha Gupta (PCS) (377 Points)
Replied 14 August 2010

It is specify in the EES, only that the Company can apply in scheme, which is having "No" operations or carrying no business on or after 1April 2008...

Not carrying any business means: that the company is not carrying any business in the main objects of the Company as specified in MOA only. Other businesses carried by company such as investment etc., and if they are not the main objects of the Copmpany even then a company can apply under EES, 2010.

even the company has unsecured creditors it can apply under EES. because Affidavits and indemnity bonds given by all Directors is mandatory attachments with this Form.