Fast track exit scheme for defunct/dormant cos.

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This query is : Resolved

Preety Gupta (Querist)

16 December 2013 Fast Track Exit Scheme says that any defunct/ dormant company with nil asset and liability can apply:-

What if

Particulars From 01.04.2013-16.12.2013
I. EQUITY AND LIABILITIES
(1) Shareholder's Funds
(a) Share Capital 100,000.00
(b) Reserves and Surplus (105,000.00)

(2) Current Liabilities
(a) Other Current Liabilities 0
TOTAL (5,000.00)
II. ASSETS
(1) Non-Current Assets
(a) Fixed Assets
(i) Tangible Assets -
(ii) Intangible Assets -
(2) Current Assets
(a) Cash and Cash Equivalents 0.00
(b) Short-Term Loans and Advances -
c) Other Current Assets -
TOTAL 0.00

KINDLY GUIDE THE REMEDY.

Nikhil Kaushik

Nikhil Kaushik (Expert)

17 December 2013 Dear Preety:

where does it say that company should have asset/liability. Rather the definition of defunct company is

"which has nil asset and liability and has not commenced any business activity or operation since incorporation; or is not carrying over any business activity or operation for last one year before making application under the said Scheme"

So in your case you are very much eligible as you have no outside liability or asset. but why is not your balancesheet tallying??

Preety Gupta

Preety Gupta (Querist)

17 December 2013 it did thank you for your prompt reply.

Nikhil Kaushik

Nikhil Kaushik (Expert)

17 December 2013 You are welcome

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