Hiii, Im taking over a pvt ltd company which is registered in bangalore 15 yrs before. they r nt their in operation frm past 3 yrs.
i hv few doubts.
1) how long transfer procedure wl take in usual case
2) What if company hv any liability, is there any provision to safegaurd company and new directors frm those liablties..
3) other than ths, what else i hv to be careful abt???
NB: we just want tht name and track. there is no asset on the name of company.
thank you.
dear mr akhil
you can take the pvt company simply by acquiring 51 to 100 % equity and also by appointing directors from your side and then ask the current directors to resign.
then the company will be under your control. to know whether the company had any secured or unsecured loans ask any company secretary to conduct a search report on the company.
thereafter you can change the objects of the company to suit yuour business.
kindly approach any practising company secretary nearer to you.
he will do as you require.
Good explanation by Mr. Srikanth.
what in case company hav any liability. Is there any provision lyk v can put sme clause wth previous drctrs.
You may enter into an agreement with the outgoing / previous directors that they will be responsible for all liabilities upto the date of take over of the company and also for completion of upto date assessment under Income Tax, sales tax etc. including all other statutory compliances under Companies Act and other statutes upto the date of take-over.
you have to ask from the parties
1. minutes of the meeting book duly certified practicing company secretary and signed by the current directors.
2. all income tax and vat/service tax returns of any duly signed by CA and directors.
3. you have to sign mou with the current directors for indemnity clause ( like bank guarantees if given by company to anyone ) may not be reflected.
4. certified articles and moa copy
5. all MCA filing copies like annual returns , form32 etc etc. filed with MCA from incorporation , you can obtain this online also by paying some 50rs form mca website.
6. last not the least dont forget to get seal , share certificates ,, and a party in a nice pub in bangalore :-)
CAclubindia
