Section 560

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pawan (Querist)
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24 January 2010 I want to know wheather the scheme of voluntery de-registering a defunct company is active or not. please guide me the procedure for the same.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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24 January 2010 Section 560 is till in statute.
Procedure is as follows.
1) Make sure that the company's status is 'active'by checking master data in MCA 21 portal
2) e-File all the pending returns.
3) Obtain no liabilty certificate from Income tax department.
4) Obtain no liability certificate from sales tax department.
5) Prepare a NIL balance sheet not prior to 30 days from the date of 560 application. The said balance sheet should not contain other than acumulated loss in the asset side and capital and unsecured loans from directors on the liability side.
6) Waiver letter in non judicial stamp paper from directors agreeing to waive the above said loan.
7) Affidavit in non judicial stampaper stating that future liability after the name is struck off will be met by the directors.
8) To prepare a detailed application stating the reasons for moving petition u/s 560.
9) All the above documents should be presented for veting.
10)Documents as in 3 to 8 herein above should be attached to e-form 61.
11) After e-filing physical copy should be handed over to ROC.
12) ROC will invite objections against winding up.
13) If no objection is received the name will be stuck off and certificate will be issued.
14) If action against 560(6) is not taken up with in 20 years the name is permanently removed from ROC's register.

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