Closure of company

RJ (Student CA Final ) (48 Points)

30 October 2014  

I have to close a private limited company under FTE scheme. Company has only share capital and bank balance in balance sheet. FTE scheme has a condition of NIL assets and liabilities, so my question is regarding liquidation of assets. Can i transfer bank balance to shareholders to make my balance sheet NIL? if not then please tell me the procedure to liquidate it.