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Strike Off a Company-MCA Procedure

The process of striking off is an alternative mechanism to theu00a0winding up of a company.u00a0<br>The Companies Act facilitates two modes of strike-off u2013 namely, strike off by the ROC (Registrar of Companies) under Section 248(1) of the Companies Act 2013, and strike off by a company on its own accord under Section 248(2) of the Companies Act, 2013. <br>

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Strike Off a Company-MCA Procedure

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  1. Strike Off a Company-MCA Procedure

  2. Strike Off of Company • The process of striking off is an alternative mechanism to the winding up of a company. • The Companies Act facilitates two modes of strike-off – namely, strike off by the ROC (Registrar of Companies) under Section 248(1) of the Companies Act 2013, and strike off by a company on its own accord under Section 248(2) of the Companies Act, 2013.

  3. Grounds for Strike off

  4. Dormant Company • The word dormant, in general terms, means inactive or inoperative. • Similarly, a company is classified as dormant if it has been registered under the Companies Act for a future project or to hold an asset or intellectual property but isn’t pursuing any significant accounting transactions. • To gain the classification though (which has its own benefits), the Company must file an application to the Registrar. The concept of dormancy was introduced to the corporate provisions in the Companies Act of 2013.

  5. Strike Off by ROC

  6. Strike off on the Company’s Accord

  7. Checklist for Strike Off • Companies may pursue a strike off by following each of the following specified procedures: • The Holding of Board Meeting • The passing of Board Resolutions has been mandated for major enactments in the corporate sphere. • A resolution for the purpose of this provision could be passed by a company through a Board Meeting, after which any of its directors would be designated to make an application to the Registrar of Companies (ROC) for strike off. • Closing off Liabilities • A company desirous of a strike off must have closed off all its liabilities.

  8. Holding of General Meeting • A general meeting of shareholders should be held by the company by passing a resolution for striking off the name of the Company. • This resolution must be backed by 75% of its members as per the paid-up share capital of the Company. • After this stage, the Company would be necessitated to file E-form MGT-14 within a time-frame of thirty days.

  9. Restrictions on Making Applications for Strike Off • Companies are restricted on filing applications for strike-off, if at any time during the last three months, it has: • Changed its name or relocated its registered office to another state. • Made a disposal for the value of property or rights held by it (subject to conditions). • Engaged in any other activity other than what is necessary or expedient for making an application under the concerned provision, and so and so forth. • Filed an application to the Tribunal for the granting of Compromise or Arrangement, and a consensus for the same hasn’t yet been arrived at.

  10. Non-Qualifying Companies • The following companies do not qualify for the provision of strike off: • Listed companies. • Companies delisted on account of non-compliance of listing regulations, listing agreement or any other statutory laws. • Vanishing companies. • Companies which has been listed for inspection or investigation – if such directive is being carried out/pending/completed but the prosecutions concerning such inspection or investigation are pending in the Court of law. • Companies which hasn’t yet responded to notices of select provisions. • If the prosecutions related to the above two provisions are pending in a Court of law. • Companies against which any case for prosecution is pending in a Court of law.

  11. Our Company Services • Strike That is A Service That Helps You Get The Details Of “STRUCK OFF” Companies, for Hassle-free Compliance With The New MandatoryDisclosure Requirement Of Schedule III. • ConTeTra provides Solution for below Two Steps only by using below tool- Step 1- Step 2- Upload your list MCA Struck Off Vendors /supplierswith their GST numbers (whichis easily available with everyfinance team). For those vendorswhere GST number is not available,our tool can also do a PAN or CINbased search. Receive the output in recordtime (powered by our AI-enabled tool that scrapes throughMCA website for you – leaving noroom for manual errors)

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