Fast track exit scheme
This query is : Resolved
16 October 2013
ANYBODY PLEASE TELL ME THE STEP BY STEP PROCEDURE FOR APPLYING FOR FAST TRACK EXIT SCHEME
16 October 2013
An application must be made by a defunct
company (as defined above) through the Fast-
Track Exit Scheme Form, annexed electronically
on the ministry portal, and accompanied by a
filing fee of Rs5,000.
If the application is not digitally signed by any of
the directors, a manager or a secretary, a physical
copy of the form must be duly completed, signed
manually by a director who is authorised by the
board of directors and attached with the
application form at the time of its electronic filing.
In all cases, the form must be certified by a
chartered accountant, company secretary or cost
accountant in full-time practice.
If the applicant's name is not available in the
database of directors maintained by the ministry,
the application must be accompanied by a
certificate from a chartered accountant, company
secretary or cost accountant in full-time practice,
along with his or her membership number,
certifying that the applicant is a director of the
company. In such cases the applicant will not be
asked to file Form 32 and Form DIN3.
The company must disclose pending litigation, if
any, in which the company is involved while
applying under the fast-track exit scheme.
If any pending prosecutions are only for non-filing
of annual returns under Section 159 of the
Companies Act 1956 and a balance sheet under
Section 220 of the act, such application may be
accepted, provided that the applicants have
already filed the compounding application.
However, steps for final striking off of the
company's name will be taken only after disposal
of the compounding application by the competent
authority.
The form must be accompanied by an affidavit
that has been sworn by each director of the
company before a first-class judicial magistrate,
executive magistrate, oath commissioner or
notary, to the effect that the company has not
carried on any business since incorporation or
carried out business only for a period up to a
particular date (which should be specified) and
then discontinued its operations.
The form must also be accompanied by an
indemnity bond, duly notarised, to be given by
every director individually or collectively, to the
effect that any losses, claims and liabilities of the
company will be met in full by every director,
individually or collectively, even after the name of
the company has been struck off the Register of
Companies.
For foreign nationals and non-resident Indians,
the indemnity bond and affidavit must be
notarised under their respective national law.
The company must also file a statement of
accounts prepared not more than one month
before the date of filing of the application, duly
certified by a statutory auditor or chartered
accountant in full-time practice.
In the case of 100% government-owned
companies, if no board exists, an officer of at
least the rank of deputy secretary of the
administrative ministry concerned is authorised to
enter his or her name and other details in the
forms in place of the name and other details of
the directors, and to sign the relevant documents
before filing.
company (as defined above) through the Fast-
Track Exit Scheme Form, annexed electronically
on the ministry portal, and accompanied by a
filing fee of Rs5,000.
If the application is not digitally signed by any of
the directors, a manager or a secretary, a physical
copy of the form must be duly completed, signed
manually by a director who is authorised by the
board of directors and attached with the
application form at the time of its electronic filing.
In all cases, the form must be certified by a
chartered accountant, company secretary or cost
accountant in full-time practice.
If the applicant's name is not available in the
database of directors maintained by the ministry,
the application must be accompanied by a
certificate from a chartered accountant, company
secretary or cost accountant in full-time practice,
along with his or her membership number,
certifying that the applicant is a director of the
company. In such cases the applicant will not be
asked to file Form 32 and Form DIN3.
The company must disclose pending litigation, if
any, in which the company is involved while
applying under the fast-track exit scheme.
If any pending prosecutions are only for non-filing
of annual returns under Section 159 of the
Companies Act 1956 and a balance sheet under
Section 220 of the act, such application may be
accepted, provided that the applicants have
already filed the compounding application.
However, steps for final striking off of the
company's name will be taken only after disposal
of the compounding application by the competent
authority.
The form must be accompanied by an affidavit
that has been sworn by each director of the
company before a first-class judicial magistrate,
executive magistrate, oath commissioner or
notary, to the effect that the company has not
carried on any business since incorporation or
carried out business only for a period up to a
particular date (which should be specified) and
then discontinued its operations.
The form must also be accompanied by an
indemnity bond, duly notarised, to be given by
every director individually or collectively, to the
effect that any losses, claims and liabilities of the
company will be met in full by every director,
individually or collectively, even after the name of
the company has been struck off the Register of
Companies.
For foreign nationals and non-resident Indians,
the indemnity bond and affidavit must be
notarised under their respective national law.
The company must also file a statement of
accounts prepared not more than one month
before the date of filing of the application, duly
certified by a statutory auditor or chartered
accountant in full-time practice.
In the case of 100% government-owned
companies, if no board exists, an officer of at
least the rank of deputy secretary of the
administrative ministry concerned is authorised to
enter his or her name and other details in the
forms in place of the name and other details of
the directors, and to sign the relevant documents
before filing.
16 October 2013
www.internationallawoffice.com/newsletters/detail.aspx?g=3c3b4aa5-5553-4aff-bb07-b010d824dffa
16 October 2013
Thank you sir
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