Procedure to close a private limited company

Dear Mr. Darshan,

In case the Company is having assets and liabilities, it may go for Voluntary winding up 0f the Company under secrion 484 of the Act. Winding up of companies is one of the areas of our practice.

regards,

Sunil K. jain

Practising Company Secretary

9810104162, skj13 @ rediffmail.com

Thank you sir....

But i want to enquire about "FAST TRACK EXIT SCHEME"  introduced by MCA....

What is the procedure for the same....do a liquidator need to be appointed in 

such case?Would you please tell me the entire procedure for it..?

Dear Mr. Darshan You dont have to appoint a liquidator, Simply you have to do is :-

- make an affidavit individually for each director

- Make indeminity bond of each director duly notorized

- statement of account not prior than one month showing no assets and liablities.

all after notorised and certified by CA to be annexed with Form FTE along with filing fees of Rs. 5000/-

I am Also attaching Circular on FTE Scheme issued by MCA for getting the format of Affidavits, indemnity bond and statement of account.

@ Deepti Agrawal

Thank you mam..

But only outsiders liability should be repaid or even the share capital should be repaid...?

No, Share Capital is not required to be repaid

YOu must show the total paid up sahre capital in statement of Account and the same amount in the profit and loss account on the asset side as a loss.

There are  two companies, say Company A and Company B. 

Company A holds 74% of the shares of company B.

ls it possible to distribute the 74% of the shares of Company B held by Company A to the share holders of  company A proportionately. If so, what is the procedure please  Will there be any income tax liability arise if such distribution takes place?