Explanatory statement under section102 for obtaining dormant status
This query is : Resolved
22 February 2024
An explanatory statement under section102 for obtaining dormant status
07 July 2024
An explanatory statement under Section 102 of the Companies Act, 2013, for obtaining dormant status typically includes details and justifications for why a company wishes to apply for dormant status. Here’s a structured outline of what such a statement could include:
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**Explanatory Statement for Obtaining Dormant Status under Section 102**
**1. Introduction:**
- Briefly introduce the company and its current status.
- State the intention to apply for dormant status under Section 455 of the Companies Act, 2013.
**2. Reasons for Seeking Dormant Status:**
- Explain the specific reasons and circumstances leading to the decision to apply for dormant status.
- Mention any strategic decisions or changes in business operations that justify the need for dormant status.
- Highlight any regulatory or financial benefits that the company seeks to achieve by obtaining dormant status.
**3. Current Business Situation:**
- Provide an overview of the company’s current business activities and operations.
- Outline any recent developments or changes in business focus that necessitate dormant status.
**4. Compliance with Dormant Status Criteria:**
- Confirm that the company meets the eligibility criteria for obtaining dormant status as per Section 455 of the Companies Act, 2013.
- Ensure that all legal and regulatory obligations have been met or will be met prior to obtaining dormant status.
**5. Future Plans and Intentions:**
- Describe the company’s plans and intentions during the dormant status period.
- Explain how the company intends to comply with ongoing regulatory requirements and responsibilities during the dormant status.
** Declaration:**
- Affirm that the information provided in this statement is true and accurate to the best of the company’s knowledge.
- Confirm that the decision to apply for dormant status has been duly considered and approved by the board of directors or shareholders, as required.
**. Conclusion:**
- Summarize the key points discussed in the statement.
- Express readiness to provide any additional information or documents as required by the Registrar of Companies.
---
**Note:** It’s essential to tailor the explanatory statement to the specific circumstances and requirements of your company. Consulting with a legal advisor or company secretary can ensure that the statement complies with all legal provisions and effectively communicates the company’s rationale for seeking dormant status.
---
**Explanatory Statement for Obtaining Dormant Status under Section 102**
**1. Introduction:**
- Briefly introduce the company and its current status.
- State the intention to apply for dormant status under Section 455 of the Companies Act, 2013.
**2. Reasons for Seeking Dormant Status:**
- Explain the specific reasons and circumstances leading to the decision to apply for dormant status.
- Mention any strategic decisions or changes in business operations that justify the need for dormant status.
- Highlight any regulatory or financial benefits that the company seeks to achieve by obtaining dormant status.
**3. Current Business Situation:**
- Provide an overview of the company’s current business activities and operations.
- Outline any recent developments or changes in business focus that necessitate dormant status.
**4. Compliance with Dormant Status Criteria:**
- Confirm that the company meets the eligibility criteria for obtaining dormant status as per Section 455 of the Companies Act, 2013.
- Ensure that all legal and regulatory obligations have been met or will be met prior to obtaining dormant status.
**5. Future Plans and Intentions:**
- Describe the company’s plans and intentions during the dormant status period.
- Explain how the company intends to comply with ongoing regulatory requirements and responsibilities during the dormant status.
** Declaration:**
- Affirm that the information provided in this statement is true and accurate to the best of the company’s knowledge.
- Confirm that the decision to apply for dormant status has been duly considered and approved by the board of directors or shareholders, as required.
**. Conclusion:**
- Summarize the key points discussed in the statement.
- Express readiness to provide any additional information or documents as required by the Registrar of Companies.
---
**Note:** It’s essential to tailor the explanatory statement to the specific circumstances and requirements of your company. Consulting with a legal advisor or company secretary can ensure that the statement complies with all legal provisions and effectively communicates the company’s rationale for seeking dormant status.
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