27 April 2012
Dear..l A company has cash Rs. 150000, Capital Rs. 100000 and P & L (Cr) balance Rs 50000. It is not carrying any business since past 2 years. Can it be treated as defunct and apply in FTE?
The eligibility for FTE mode is Share Capital in Liabilities and P&L (Dr) in Assets for the company and also it has not carried business for past one year. So you must nil the cash and P&L (Cr) balances to file under FTE
27 April 2012
Thanks.. I have another question? If a company has unsecured loan only in liability side and there in no other assets and liability, then May the company treated as defunct if NOC is received from Director for relinguish his Loan?
CAclubindia
