Fast track exit

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saurabh (Querist)
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17 April 2017 One of our client formed a privae limited in 2010, since then he had not done a single business transaction. few days back he receive a notice u/s 248 for struck off of name.

It is asking to send our representation ,otherwise it will struck off name from Roc and directors will be liable.
My question is we want to remove the name of company, should we do it suo motto or let registrar doso in case we dont reply. whats the consequences to director.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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18 April 2017 In either case, consequences to director's are far reaching. Some of them ,among others are -

* Director's disqualify for appointment in other company(s) per 164(2)

* Office of Director's in other company(s) shall be vacant and shall cease to continue as Director's in all other company(s) per 167(1).

* Can be penalized for failure of duties .Rs. 1 to 5 lakhs per section 166(7)

* Failure to present accounts in AGM attracts penalty per 129(7).

saurabh

saurabh (Querist)
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18 April 2017 Thanks sir for your valuable feedback. But I want to know which option would be better to close down the company

1) let registrar do itself
2) we do suo moto in fast track exit