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Closing a ltd company - Guide on Fast track exit scheme | Venture Care

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.<br><br><br><br><br>

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Closing a ltd company - Guide on Fast track exit scheme | Venture Care

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  1. 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:

  2. 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

  3. 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;

  4. 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

  5. ContactUs: HeadOffice(India) Sr.No-29,Ajikyatara,kalaniketan,VentureCare Bank,3031AVRotterdam,(NL)Pune,Maharashtra411043(IN) Phone:(020)-65363633 VentureCareBranchOffice(Netherlands) Dhankawadi,NearRajshriShahuJonkerFransstraat46, Phone:+31614575275

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