How to liquidate a Private Limited company

There is a Private Limited company incorporated in 2006 in Delhi. It has 2 directors. I am one of the directors.

The company is no longer doing any business since last 2 financial years but it has accumulated funds in bank fixed deposits and some more cash in the current account of the company. Since last 2 years the only income of the company is the interest paid by bank on fixed deposits. Company has no other assets.

All Income tax returns as well as annual returns with MCA have being submitted on time so far.

Now we (the directors) want to transfer the cash to our savings account in the ratio of our shareholding in the company and want to liquidate the company to avoid the annual recurring expense of maintaining the company. We want to pay as little tax as possible while distributing the cash among ourselves because the company has already paid income tax on all income.  I have been told that we will have to pay full income tax on all funds transfer from the current account of the company to our savings accounts and we are in highest tax bracket.

So, I have 2 queries:

1. Is it possible to transfer all the cash from our company to our accounts without paying full income tax? If yes, then what is the most tax efficient way?
2. Once we have stripped the company of its cash, what is the fastest and most cost effective way to liquidate this company?

Thanks in advance for the reply and help.