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Venture Care can help you guide through the process for winding up a limited company or how to close a limited company easily & also helps in the closing a ltd company.\n\n\n\n\n

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h o w to cl o s e a l i mi t ed co m pany

Howtoclosealimitedcompany:

Procedureforwindingupalimited

company

THEMOSTIMPORTANTBENEFITSOFFASTTRACKEXITSCHEMEARE

appointmentoftothedefunct

ion560ofthe

,2013andthe

Onthisguide,wearegoingtotouchthefollowingtopics-

IntroductionforFastTrackExitScheme

WhoshalloptforFastTrackExitScheme

ConsequencesofnotoptingforFASTTRACKEXITSCHEME

WhichcompanyisineligibleforfilingunderFastTrackExitScheme

WhichCompanyiseligibleforfilingunderFastTrackExitScheme

ProceduretobeFOLLOWEDFORFASTTRACKEXITSCHEME

closingaltdcompany

INTRODUCTIONOFFASTTRACKEXITSCHEME:

Itisafastprocesstocloseacompanywithoutadoptingalenforcompanyclosurebypassingaspecialresolution,applyingtohighcourt,

liquidatorandsoonwhichmaytakenotlessthansixmonthsandalsoitis

processwhichisnotaffordabletosmallcompaniesandsickcompanies.issuedGuidelinesforFastTrackExitModetogivetheopportunity

companiestogettheirnamesstruckofffromtheregisterundersect

CompaniesAct,1956.

AsnoseparateprocedureisgivenbynewlyintroducedCompaniesActcircularissuedintheyear2011underCompaniesAct,1956isstillinforcofthecompany.

gthyprocedure

averyexpensive

TheMinistryhas

efortheclosure

THEMOSTIMPORTANTBENEFITSOFFASTTRACKEXITSCHEMEAREASBELOW:

1.Theinopeitsannualadditionalf

2.Itisashort

rativeCompanieswhicharenfiling,havegotanewoptiees.

processinwhichcompanyc

otgeneratinganyrevenuenorontoclosecompanywith

anbeclosedwithouthugedoc

complyingwithoutpayinghuge

umentation.

3.Itisatime-saving

WHOSHALLOPTFORFASTTRACKEXITSCHEME:

Thesmallcompanieswhichare

Inoperative

Notcomplyingwithanyannualorotherfilingswith

Operatinginlossandlosthopeofmakingprofit

Thecompanydoesnothaveanyobjectorcontinue

ShallapplytoRegistrarofCompaniesfortheclosureof

CONSEQUENCESOFNOTOPTINGFORFASTTRACK

RegistrarofCo

RegistrarofCompanies

Thecompanydoesnothaveanyobjectorcontinuewithit

ShallapplytoRegistrarofCompaniesfortheclosureofthecompany.

CONSEQUENCESOFNOTOPTINGFORFASTTRACKEXITSCHEME:

t he a b o v e type of co m p a n i e s g iven

Theabovetypeofcompanies(giveninthelastslide)whichdoesnotchooseFastTrackExitTheabovetypeofcompanies(giveninthelastslide)whichdoesnotchooseFastTrackExit

Scheme,couldsufferfollowingconsequences:

Thereisaverystrongpossibilitythat,forthecompanieswhichareinoperativeandnotcarryingonanymandatoryannualcompliancesunderCompaniesAct,2013,couldreceivenoticefromRegistrarofCompanies,underwhichjurisdictiontheRegisteredofficeofthecompanyfalls,fornotcomplyingwithannualfiling.

Insuchasituation,Directorsofthecompanyshallhavetoappearbeforethecourtandexplainthereasonfornon-filingofdocumentswithRegistrarofcompanies.Afterthat,thecompanywillhavetocompletetheirannualfilingandothercompliancesandpresentaproofofsuchfilingtothecourt.Onnon-complyingwiththedirectionsofthecourt,directorsmayhavetosufferhugepenalties,imprisonment,etc.

PROCEDURETOBEFOLLOWEDFORFASTTRACKEXITSCHEME:

TheCompanyshallfileanapplicationinprescribedformFTEonlinewiththeRegistrarofwithfeesofRs.5000/-

ATTACHMENTS:

Inaffidavitwhichshouldbeswornbyeachoftheexistingdirector(s)ofthecompanybeforeaFirstClassJudicialMagistrateorExecutiveMagistrateorOathCommissionerorNotary,totheeffectthatthecompanyhasnotcarriedonanybusinesssinceincorporationorthatthecompanydidsomebusinessforaperioduptoadate(whichshouldbespecified)andthendiscontinueditsoperations,asthecasemaybe;

IndemnityBond,dulynotarizedtobegivenbyeverydirectorindividuallyorcollectively,totheeffectthatanylosses,claimandliabilitiesonthecompany,willbemetinfullbyeverydirectorindividuallyorcollectively,evenafterthenameofthecompanyisstruckofftheRegisterofCompanies;

StatementofAccountdulycertifiedbyCAinpracticeorauditorofthecompany.

Boardresolutionshowingauthorizationforfilingtheform.

Incase,theapplicationinFormFTE,isnotbeingdigitallysignedbyanyofthedirectororManagerorSecretary,aphysicalcopyoftheFormdulyfilledin,shallbesigned

manuallybyadirectorauthorizedbytheBoardofDirectorsofthecompanyandshall

beattachedwiththeapplicationFormatthetimeofitsfilingelectronically;

Incase,theapplicantnameisnotavailableinthedatabaseofdirectorsmaintainedbytheMinistry,theapplicationshallbeaccompaniedbycertificatefromaChartered

AccountantinwholetimepracticeorCompanySecretaryinwholetimepracticeorCostAccountantinwholetimepracticealongwiththeirmembershipnumber,certifyingthattheapplicantsarethepresentdirectorsofthecompany.Insuchcases,

theapplicantsshallnotbeaskedtofileForm-32andFormDIN-3.

Thecompanyshalldisclosependinglitigationsifany,involvingthecompanywhileapplyingunderFTE.

Ifthependingprosecutionsareonlyfornon-filingofAnnualReturnsandBalance

Sheetsuchapplicationmaybeacceptedprovidedtheapplicantshavealreadyfiledthecompoundingapplication.However,stepsforfinalstrikeofthenameofthecompany

w ill be t a k en only after d is p osal

willbetakenonlyafterdisposalofcompoundingapplicationbythecompetentauthority.willbetakenonlyafterdisposalofcompoundingapplicationbythecompetentauthority.

WHICHCOMPANYISINELIGIBLEFORFILINGUNDERFTESCHEME:

Listedcompanies;

Companiesthathavebeende-listedduetonon-complianceofListingAgreementoranyotherstatutoryLaws,

Companiesregisteredundersection25oftheCompaniesAct,1956orsection8of

CompaniesAct,2013

Vanishingcompanies;

Companieswhereinspectionorinvestigationispendingoranyproceedingsarependinginthecourt

Companiesagainstwhichprosecutionforanon-compoundableoffenseispendingin

court;

Companiesacceptedpublicdepositswhichareeitheroutstandingorthecompanyisindefaultinrepaymentofthesame;

Companyhavingsecuredloan;

Companyhavingmanagementdispute;

Companyinrespectofwhichfilingofdocumentshavebeenstayedbycourtor

CompanyLawBoard(CLB)orCentralGovernmentoranyothercompetentauthority;

ThecompanyhavingduestowardsincometaxorsalestaxorcentralexciseorbanksandfinancialinstitutionsoranyotherCentralGovernmentorStateGovernmentDepartmentsorAuthoritiesoranylocalauthorities.

WHICHCOMPANYISELIGIBLETOAPPLYUNDERFASTTRACKEXITSCHEME:

1.CompanyhavingNILassetsandliabilities

2.CompanyinoperativesincethedateofIncorporationor1Yearormore

3.Thecompanyhascloseddownitsbankaccount.

PROCEDURETOBEADOPTEDBYREGISTRAROFCOMPANIESINTHISMATTER:

TheRegistrarofCompanies,onreceiptoftheapplication,shallexaminethesameandiffoundinorder,shallgiveanoticetothecompanyundersection560(3)oftheCompaniesAct,1956byemailtoitse-mailaddressintimatedintheForm,givingthirtydays’time,statingthatunlesscauseisshowntothecontrary,itsnamebestruckofffromtheRegisterandthecompanywillbedissolved;

TheRegistrarofcompaniesshallputthenameofapplicant(s)anddateofmakingtheapplication(s)underfasttrackexitmode,ondailybasis,ontheMCAportal

http://www.mca.gov.in/,givingthirtydays’timeforraisinganobjection,ifany,bythe

stakeholderstotheconcernedRegistrar;

Incaseofcompany(s)likeNon-BankingFinancialCompany(s),CollectiveInvestmentManagementCompany(s)whichareregulatedbyotherRegulator(s)namelyRBI,SEBI,theRegistrarofCompanies,attheendofeveryweek,shallsendintimationofsuch

companiesavailingfasttrackexitmodeduringthatperiodtotheconcernedRegulator(s)andalsoanintimationinrespectofallcompaniesavailingfasttrackexitmodeduringthatperiodtotheofficeoftheIncomeTaxDepartmentgivingthirtydays’timefortheirobjection,ifany;

e x p l a nati o n non banking fi n a n cial

EXPLANATION:

“Non-BankingFinancialCompany”meansacompanyasdefinedinclause(f)ofsection

45-IoftheReserveBankofIndiaAct,1934

“CollectiveInvestmentManagementCompany”meansthecompanyasdefinedinclause(h)ofsub-regulationof2ofSecuritiesandExchangeBoardofIndia(CollectiveInvestmentCompanies)Regulations,1999

TheRegistrarofCompaniesimmediatelyafterpassingoftimegiveninsub-part(a)to(c)ofthisParaandonbeingsatisfiedthatthecaseisotherwiseinorder,shallstrikeitsnameofftheRegisterandshallsendanoticeundersub-section(5)ofsection560oftheCompaniesAct,1956forpublicationintheOfficialGazetteandtheapplicant

companyshallstanddissolvedfromthedateofpublicationofthenoticeintheOfficial

Gazette

Ifyouhaveanyquestionorquerypleasecommentinthecommentinthecommentboxbeloworcontactus.Wewouldlovetohelpyou.

closingaltdcompany

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