Fast track exit of a private company

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SUMEET KANKANI (Querist)
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04 January 2016 As per the Fast Track Exit scheme, it requires a balance sheet with NIL aaset and liabilities. I do not understand how will their be a NIL balance sheet.. if there will be share capital atleast there should be an Asset too...
if any body have a NIL balance sheet for this scheme.. please attach here for my reference..
And if someone says that there wont even be sharecapital, then how could it be possible unless the company is striked off.

Pratik Shah

Pratik Shah (Expert)
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04 January 2016 In the balance sheet, share capital will be Rs 1 Lac (lets assume), then in asset side, Profit/Loss account will Rs 1 Lac.

SUMEET KANKANI

SUMEET KANKANI (Querist)
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05 January 2016 thank you.
there also requires a attachment of financial statement certified by a CA.
do they refer to this NIL financials certified by a CA or a financial statement prior to becoming NIL

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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05 January 2016 As per FTE Scheme, no balance sheet is required. Need only a 'statement of account' certified by a whole time practicing CA / Statutory auditor.
For details, pl see Gen. Circular 36/2011 dated 7-6-2011,

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