Easy Exit Scheme

According to sub-section (5) of section 3 of the Companies Act, 1956 your company is already became a defunct company. There is no need to induct any new director or enhance your share capital for availing that scheme.

Sub section (5) of section 3

Where a private company or a public company fails to enhance its paid-up capital in the manner specified in sub-section (3) or sub-section (4), such company shall be deemed to be a defunct company within the meaning of section 560 and its name shall be struck off from the register by the Registrar.

Sub section (4) of section 3

Every public company, existing on the commencement of the Companies (Amendment) Act, 2000, with a paid-up capital of less than five lakh rupees, shall within a period of two years from such commencement, enhance its paid-up capital to five lakh rupees.

Thanx a lot Sir,

Regarding increase of paid up capital i gt my doubts cleared bt u said in case of Director no need to induct third director. So while filing affidavits of the directors, did affidavit by two present directors wud serve my purpose? or hv to arrange affidavit for third director also...