Closure of a company

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rinki (Querist)
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28 May 2015 Respected Sir

We are incorporating a company in May, 2015 with authorised capital 1 cr and issued capital 1 lacs. Preliminary expenses of stamp duty , printing etc paid by a director and his loan remain outstanding in the company.Now they want to close the company under FTP scheme. No business is done till date.How we can close a company.
For example
Capital Rs.1 lacs
Loan from Director Rs 1.5 lacs

Bank Account Rs 1.10 lacs
Cash account Rs .10 lacs
Preliminary Exp 1.30 lacs

Whether we have to issue capital of Rs 1.50 lacs which is outstanding as loan before closure.

Thanks in advance.

CA Prince Wadhwa

CA Prince Wadhwa (Expert)
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28 May 2015 Hi,

You may take route of fast track exit for this you need certificate from chartered accountant regarding and fill form FTE on MCA portal.

for further details/queries contact the undersigned.

Regards,
CA Prince Wadhwa
(cawadhwaassociates@gmail.com)

rinki

rinki (Querist)
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28 May 2015 that's ok
I know the whole procedure sir.
But my problem it that whether i can issue share capital for loan outstanding from Director.
As one condition for closure is that Nil assets and Nil Liabilities.

Pratik Shah

Pratik Shah (Expert)
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29 May 2015 Why do you want to issue shares? Just repay the loan from Bank/Cash amount and settle the books. Make NIL=NIL Balancesheet and apply for FTE.