Closure of business
This query is : Resolved
22 February 2017
One pvt ltd company fails to do annual filling last five year because there was no business operation during the last last 5 years. Now the board want to close the company
What is the process for closure and can board do that without filing previous returns?
What is the process for closure and can board do that without filing previous returns?
22 February 2017
Please see the notification dated 26.12.2016 in https://www.mca.gov.in/Ministry/pdf/Rules_28122016.pdf
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23 February 2017
Thanks.As per the said notification.“vanishing company” means a company,
registered under the Act or previous company law or any other law for the time being in force and listed
with Stock Exchange which has failed to file its returns with the Registrar of Companies and Stock Exchange
for a consecutive period of two years, and is not maintaining its registered office at the address notified with
the Registrar of Companies or Stock Exchange and none of its directors are traceable. However,in the instant case,though the Company has not done annual filing for the last five years but it has maintained its registered office.Further,its directors are traceable.Accordingly,will you kindly clarify,whether it is eligible to apply for removal of its name?
registered under the Act or previous company law or any other law for the time being in force and listed
with Stock Exchange which has failed to file its returns with the Registrar of Companies and Stock Exchange
for a consecutive period of two years, and is not maintaining its registered office at the address notified with
the Registrar of Companies or Stock Exchange and none of its directors are traceable. However,in the instant case,though the Company has not done annual filing for the last five years but it has maintained its registered office.Further,its directors are traceable.Accordingly,will you kindly clarify,whether it is eligible to apply for removal of its name?
23 February 2017
My observation is 'eligible' because all the conditions are to be satisfied to become 'vanishing company'.
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