Defunct Company

This query is : Resolved

SAALIM (Querist)
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09 March 2010
Dear sirs,
We had registerd a publc limited company in 1997 with a authorised capital of 50 lakh. Due to some reasons we cannot continue with that company and it has been left inoperate without winding up legally.

Now we have received one procecution letter from ROC for not submitting returns for last period and I'm afraid the huge amount of fine mentioned (upto Rs. 500 per each day of default).

We dont have any share holders other than 5 directors who all are my friends and relatives.

Kindly advise me whether any chance of declaring this company as defunct under section 560?

Sincerely yours,

SAALIM

Rasesh

Rasesh (Expert)
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09 March 2010 Even if you file the docs with the ROC for de-registration of your company u/s. 560, the ROC will require you to file the returns till date.

The procedure for winding up a company u/s. 560 can be summarised as under:

1) The Company should be defunct company/ dormant company. There should be NIL Assets and NIL Liabilities in the balance sheet.

2) Audited Accounts for the period ending not later than 30 days from filing the winding up application have to be submitted.

3) In addtion to the above, the application has to be supported by other docs like:
a) Board Resolution
b) Affidavit
c) Indemnity

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