EASY EXIT SCHEME

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Querist : Anonymous

Querist : Anonymous (Querist)

31 August 2010 WE HAVE A COMPANY WHICH IS DEFUNCT AND IS NOT CARRYING OUT ANY OPERATIONS SINCE 2000. THE EMPLOYEES AT THAT TIME WHERE MADE THE DIRECTORS AND HAVE LEFT THE COMPANY TO TAKE UP JOBS ELSEWHERE. SINCE THEY COULD NOT BE TRACED TILL TODAY, THE ADVANTAGE OF EES 2010 COULD NOT BE TAKEN. PLEASE ADVISE IF THERE IS ANY EXTENSION OF THIS SCHEME? IF NOT, KINDLY ADVISE WHAT FURTHER COURSE OF ACTION TO BE TAKEN?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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31 August 2010 Extension is not yet announced. In the absence of directors, EES 2010,as you rightly said, cannot be opted. This observation is also due to the corollary to general circular no.3 dated 10/8/2010. Another course of action is opting 560 of the Companies Act,1956 for which also directors are required.

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Querist : Anonymous

Querist : Anonymous (Querist)

31 August 2010 MR. WARRIER,
THANKS A GREATDEAL FOR YOUR VALUABLE PIECE OF ADVISE. THE DIRECTORS HAVE BEEN LOCATED AND IF THE EXTENSION IS ANNOUNCED THEN THERE IS NO PROBLEM. IN THE ABSENCE OF EXTENSION YOU HAVE SUGGESTED OPTING UNDER SECTION 560 KINDLY ENLIGHTEN ME ON THIS

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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31 August 2010 Procedure under section 560 is same except for statement of affairs as in Annexure C to the general circular no.2 dated 26/5/2010, profit and loss account and balance sheet is required in addition to submission of no liability certificate from sales tax and Income tax department.

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