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CA Mohit Agrawal (Chartered Accountant)     30 January 2012

Fast track exit

I have a doubt that i have to windup a pvt co. which has share capital of Rs.21,80,000 Res & Sur of Rs.1,87,20,000 and in the assets side cash of Rs.9880,Bank Rs.7195 and loans & advances of Rs.20,80,000 and Pre Operative exp of Rs.1,87,20,000 please tell me whether i can apply for fast track exit and if yes than how?

 4 Replies

Keval Ponkiya

Keval Ponkiya (CA CS MBA(Fin.) M.Com. L.L.B.)     30 January 2012

Yes, sir you can definitly shut your company, but its a pre-condition that you have to first set-off all your dues that you don't have in your b/s so you can apply !!! but the last date for fast track exit is 15.01.2012 !!! but you can still apply to ROC u/s-560 of co. act, 1956

Keval Ponkiya

Keval Ponkiya (CA CS MBA(Fin.) M.Com. L.L.B.)     30 January 2012

Mohir sir, form and attachment list is avilable on MCA website. list is like affidavit and indmnity bond by all directors and mds or wtds and b/s certified by CA in specific format !!! 

Kiran Toshniwal

Kiran Toshniwal (Practicing Company Secretary)     31 January 2012

Application can be still made under FTS. There is no due date

CA Adesh Gupta

CA Adesh Gupta (Finance Manager)     21 February 2014

Can a company having Rs 90000 as Preliminay exp, Rs 50000 as cash in hand and Rs 140000 as share capital be wound under Fast track exit scheme??


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