Easy Exit Scheme

This query is : Resolved

Mohammed (Querist)
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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)
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07 January 2011 Can some one please assist on this???

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
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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.

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