Closing of private limitedcompany

This query is : Resolved

SONIA DEVAL (Querist)
Follow

11 May 2013 Dear Sir,
I wanted to know that how can I close a private limited company when it is unable to pay it's creditors which is also japanise company my company received total advance money balance remaining till 31/03/2013 Rs. 1.20 crores against this advance my co. has fixed assets of rs. 71 lacs. my co. is also a loss making co. since two years
pls tell me the best procedure to close this co. Can we repay advance money to japanise company without prejudiced to FEMA Act-1999
pls provide me the FEMA regulation regarding & RBI instruction regarding this matter.

Thanks with regards.

C.A Sonia Dval

CS VIKRAMSINH MOHITE

CS VIKRAMSINH MOHITE (Expert)
Follow

11 May 2013 Hi Sonaia,

You can close the company as per the Fast Track Exit Scheme 2011. The main conditions are that the company should not be carrying on business for last one year, there should be no secured loans. You can repay the advance back to Japanese Company as per the FEMA procedures. It depends on the purpose for which the advance was taken and the conditions put by RBI if any.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Santosh Behera

velichety.l.narasimharao

nilesh

CA Jyoti Singh

Sagar Khakhiwala

Subscribe Now

Closing of private limitedcompany

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

GST CONSULTANCY

Senior Executive

GST CONSULTANT

Manager- Finance and Compliance

CA Final