Can we still wind-off a pvt.ltd. company while there are debtors or creditors outstanding and there is no business activity in past 3 years. There are no shareholders other than directors of the company. Please advise from both Company Act and Income Tax Act point of view.
Thanks in advance.
If a company is not carrying on any business or operation for a period of two immediately preceding financial years and has not made any application within such period for obtaining the status of a dormant company under section 455 such company can get its name striked off as per companies act.
and as per income tax - A company can file a petition to the Tribunal for its winding up when the members of the company have resolved by passing a Special Resolution to wind up the affairs of the company. Managing Director or the directors cannot file such a petition on their own account unless they do it on behalf of the company and with the proper authority of the members in the General Meeting.
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