Procedure of winding up of pvt company by way of fte

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karan (Querist)

08 October 2013 Query : We are incorporated a pvt ltd company on dated 10/05/2012 with paid up capital of Rs.1,00,000, 2 directors till date business was not started & nothing is happen. Directors are decided to shut the company.

What is procedure for fast track Exit & please provide us all other attachments reqiure for the same ?

Sanket

Sanket (Expert)

08 October 2013 Voluntary winding up of a Private Limited
Company consists of the following steps:
Step 1: A special resolution has to be passed by
the Board and the members
Step 2: Within 14 days of the passing of the
resolution, a notice of the resolution should be
given by advertisement in the Official Gazette, and
also in some newspapers circulating in the district
where the registered office of the company is
situated. (If default is made in complying with
this clause, the company and every officer of the
company who is in default shall be punishable
with fine which may extend to five hundred rupees
for every day during which the default continues.)
Step 3: The business activities are to cease the
day the resolution is passed.
Step 4: The directors have to make a declaration
verified by an affidavit, that they have made a full
inquiry into the affairs of the company, and that
the company has no debts, or that it will be able
to pay its debts in full within three years from the
commencement of the winding up.
Step 5: The above declaration has to be made
and submitted to the registrar within 5 weeks (35
days) of passing the resolution for winding up
along with the auditors report for the most
recent financial period.
Step 6: The members have to appoint a liquidator
to distribute the assets and pay off the liabilities.
Step 7: The registrar has to be notified about the
appointment (or resignation) of the liquidator in
writing.
Step 8: If the dissolution takes more than a year,
the liquidator is to hold a general meeting at the
end of every year giving the report of the
dissolution process and progress with accounts.
The same is to be done even on the final meeting
for dissolution.
Step 9: The minutes of these meetings should be
submitted to the registrar as usual.

Sanket

Sanket (Expert)

08 October 2013 in the case
of companies with no assets and
liabilities where no operations are
initiated or whether at least for
preceding period of one year there are
no operations, such company is called a
defunct company and can make an
application for strike off of the name
under section 560 by making an
application under Fast Track Exit
Scheme.

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