Easy Exit Scheme

This query is : Resolved

Mohammed (Querist)
Follow

03 January 2011 Dear Experts,

The company want to file in Easy Exit Scheme 2011 for Closure, but it has a Bank Account.

Can the company still file in this Scheme?? In Affidavit there is a point No.5 which states that company doesn't maintains a Bank Account.

Can some one please help out as we want to close the company and don't want to loose the opportunity.

Thanks a lot in advance!!!

Mohammed

Mohammed (Querist)
Follow

07 January 2011 Can some one please assist on this???

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
Follow

21 July 2024 In the context of the Easy Exit Scheme 2011 for closure of companies, it's important to adhere strictly to the eligibility criteria outlined in the scheme. Based on your query, the affidavit required under the scheme states that the company should declare it does not maintain a bank account.

If your company does have a bank account, it may not strictly qualify under the scheme's criteria. However, it's crucial to carefully review the scheme's detailed provisions to understand if there are any exceptions or alternative provisions that might apply in your case.

Here are some steps you can consider:

1. **Review Scheme Guidelines:** Carefully review the Easy Exit Scheme 2011 guidelines to understand all eligibility criteria, including the specific requirement about not maintaining a bank account.

2. **Consult Legal/Financial Advisor:** Seek advice from a legal or financial advisor who specializes in company closures and schemes like Easy Exit Scheme 2011. They can provide insights into any possible exceptions or alternative options available to your company.

3. **Compliance Options:** If your company does not meet the exact criteria of the Easy Exit Scheme 2011, explore other legal options for closure. This might involve voluntary liquidation or other formal closure procedures under the Companies Act, 2013.

4. **Communicate with Authorities:** If you decide to proceed under the scheme despite having a bank account, consider communicating directly with the authorities responsible for administering the scheme (such as the Ministry of Corporate Affairs or relevant regulatory bodies). They may provide guidance on your specific situation.

5. **Documentation and Affidavit:** Ensure that all documentation, including the affidavit, accurately reflects the current status of your company. Providing false information or declarations could lead to legal repercussions.

Closing a company involves legal processes that must be followed meticulously to avoid future liabilities or complications. Therefore, it's crucial to seek professional advice and proceed in accordance with the applicable laws and regulations.

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

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

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

Samruddhi Agrawal

Rampal Saini

Raj Jaggi

CA jignesh daiya

vinod

Subscribe Now

Easy Exit Scheme

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA