Is it compulsory to make balance sheet NIL while submitting the application for easy exit scheme?
Regards,
CS Pooja
CA Atul Singhal
(prop)
(450 Points)
Replied 17 December 2010
there is no such requiment in the scheme.
but as per companies act provisions there should be no current asset, fixed asset or current liability or any loan or deposit.
it means there should be no assets other than debit balance of p&l a/c or misc exp. equal to the share capital.
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