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Dormant company


Bhaskar Marathi   13 February 2020

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Company not doing any business in the current year and till now the annual returns are not filed for the year 2018-19.
Company can opt the Dormant company status..?
What are the procedure to opt dormant company .??

Anonymous (student)     13 February 2020

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The Company shall call a Board Meeting to approve the following transaction:
*Authorise any director to make application for Dormant with ROC
*Confirm the date of EGM also approve the notice for the same.
*Appoint/Authorise the auditor/chartered account to issue a certificate.
*After conducting Board, call EGM of the Company and shareholder through special resolution shall approve the application for dormant companies status.
*File MGT-14 with required attachments (CTC of Special Resolution along with EGM notice) with ROC within 30 days of the Meeting.
*After the filing of an MGT-14 application for obtaining a status of Dormant companies shall be prepared in form MSC 1 and submitted to the ROC.
MSC 1 shall have following attachments:
*CTC of Board Resolution approved;
*CTC of Special Resolution approved;
*Certificate from Auditor;Statement of Affairs duly certified by Chartered Accountant or Auditor of the company;
*In case the Company has filed annual return and financial statement of the Company that it shall be attached with application;
*In case of Company have any loan outstanding, consent of the lender;
*After considering the application and all the documents ROC shall issue system generated a certificate in form MSC-2.

avater

Bhaskar Marathi   13 February 2020

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F Y 2018 -19 annual returns and accounts are not filed.. can we proceed further to opt dormant status. ??

Anonymous (student)     13 February 2020

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1)Generally for last 2 financial years ur company shouldn't have any significant accounting transaction i. e. it should be an inactive company
2)Did u receive any notice from registrar ???
As registrar will give u notice if finacial statements or annual returns are not filed for 2 continuous years

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Bhaskar Marathi   13 February 2020

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No.. last year its filed. for this year there is no any transaction so accounts are not yet filed

Anonymous (student)     13 February 2020

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If ur sure u wont have any transaction u may apply for it... but since 18-19 annual returns are not filed and u wont file 19-20 annual returns also...if u wait till completion of this year... Registrar will voluntarily send u notice asking u to be a dormant company

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Bhaskar Marathi   13 February 2020

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Directors will disqualified

Anonymous (student)     13 February 2020

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1)As per the provisions Company (Include Dormant Company) which fails to file financial statement for any continue period of 3 year then directors of such Company will be disqualified to appoint as director.
2)We can interpret that if ROC changes the status of a Company from Active to Dormant for non filing of Annual form for 2 continue financial year and company still fails to file annual forms in third financial year after obtain status of dormant then the director of such Company will be disqualified u/s 164(2).

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Bhaskar Marathi   13 February 2020

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Sir one more question..
Company has loan from directors and there is no amount to pay.? how we can make balance sheet zero if we go for strike off.??

Anonymous (student)     13 February 2020

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Is this a real life question or ur a student asking out of curiosity 😂 😀....


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