prosecution notice from ROC

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 March 2010 Dear sirs,
We registerd a publc limited company in 1997 with an authorised capital of 50 lakh. Due to some reasons we cannot continue with that company and it has been left in-operate without winding up legally.

Now we have received one prosecution notice from ROC for not submitting returns for last years and I'm afraid the huge amount of fine mentioned in the letter (upto Rs. 500 per each day of default).

We don't have any share holders other than 5 directors who all are my friends and relatives.

Kindly advise me how can I close this issue, shall i go for Winding up or do some other thinks to resolve this issue easily,
Pls help

CS REMESH B

CS REMESH B (Expert)
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12 March 2010 Hi

You may personally visit and convince the concerned ROC about the facts. Since a notice has been issued from that Office you have to file at least 3 years audited Balance Sheet, Annual Return etc. Please ensure to complete the filing at the earliest. Because once the matter is referred to Economic Offences Court, all directors and Co. will have to pay fine at court also, besides advocate fees etc. After completing the filing you may apply for name striking off procedure u/s 560 of the Companies Act, 1956, since the co. has no assets and liabilities.

Querist : Anonymous

Querist : Anonymous (Querist)

12 March 2010 Thanks Sir