Private limited company

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Naresh Kumar (Querist)
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01 October 2013 I want to know the procedure to close a private limited company. The company has three directors and one of them is a foreigner. The company does not own any assets except some amount of cash in the company's current account with a bank. There is no liability of the company as well.I am told that there has recently been some changes in the law which has not yet been notified. Kindly let me know the procedure under the new law.

CA Pallav Singhania

CA Pallav Singhania (Expert)
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01 October 2013 WINDING UP
Section 425, of Companies Act, 1956, deals with modes of winding up.

The winding up of a company may be either -
(a) By the Tribunal (also known as compulsory winding up)
(b) Voluntary winding up
(c) subject to the supervision of the Court

Pls check the attached file for fast track exit scheme for closure of company. Thanks

https://www.caclubindia.com/forum/files_download.asp?msg_id=940495

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Naresh Kumar

Naresh Kumar (Querist)
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01 October 2013 Thanks for your reply. Is there any recent change in the law for closure of company, the notification for which has yet not been issued?

CA Pallav Singhania

CA Pallav Singhania (Expert)
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01 October 2013 Go thru this,

https://www.companyliquidator.gov.in/winding_up_3.html

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Naresh Kumar

Naresh Kumar (Querist)
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01 October 2013 Thank you very much. I am grateful to you for your guidance. The information on the site is quite useful and easy to understand. Thanks once again.

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