Pls advise what happens if a defunct company, which does not have any ledger accounts except capital/reserves/cash and bank, stops filing any returns with ROC and Income Tax.
A friend does not want to go through the process of winding up etc, and simply wants to forget it for good, just like many people do with bank accounts when they are tired of doing formalities for account closure and they simply withdraw available funds and then, discard the passbook and cheque, and deem for their own purposes, as if the account has been closed.
Will there be any penal consequences for the directors, whether now or anytime in future?
Pls advise.
CAclubindia
