CA Ashish Kumar (CA Job) (27 Points)
08 September 2016
mohammad rasool baig
(Management Consultant)
(1026 Points)
Replied 09 September 2016
Following Companies can apply under fast track exit mode for striking off its name from register of Registrar of Companies:-
a. Companies which are not operating or not carrying on any business since last one year from the date of application or,
b. Companies which are not operating or not carrying on any business since incorporation and,
c. A company having Nil assets & liability.
However, all companies which want to apply shall have ‘active’ or ‘dormant’ status on MCA portal.
In our case, Please clear all the company liabilities & make application to concerned ROC.
Please refer the below link for more details
https://www.fasttrackexitmode.com/faqs-on-fte.htm
CA Ashish Kumar
(CA Job)
(27 Points)
Replied 09 September 2016
Sir, in my opinion , for fte
1. to nil liability side, amount of reserves should be distributed among shareholders. and current liabilities should be paid from available cash.
2. on asset side, investment should be sold and realised amount must be distributed among directors.cash available in asset side should be utilised to pay expenses.
Plz suggest me.. is it right solution ???
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 09 September 2016
You have to dispose of all assets, close bank accounts and make cash NIL by paying off expenses/liabilities. After this you will only be left with share capital and debit balance of P&L statement. Then you can file application under FTE.
Thanks
CA Ashish Kumar
(CA Job)
(27 Points)
Replied 09 September 2016
sir shall we distribute reserves and surplus in form of dividend and pay dividend tax. or we just distribute available reserves among shareholders.
Sumit Shah
(CS Professioanl CA IPCC)
(27 Points)
Replied 10 September 2016
CAclubindia
