Query on fast track exit mode

Note: Closing of Bank account of same company which going to exit under FTE scheme. or before applying under FTE itself we have to close the bank account?

Note: Closing of Bank account of same company which going to exit under FTE scheme. or before applying under FTE itself we have to close the bank account?

Hi Veena,

its useful

Resolved that the unanimous consent of the Board be and is hereby accorded to apply for the closure/struck off of the Company under Section 560 of the Companies Act, 1956 to the Registrar of Companies, Chennai,

Resolved further that__________________, Director and_________________, Director be and are hereby authorized to execute/furnish affidavits, indemnity bonds and other related documents/deeds as may be required in this connection or as may be required by Registrar of Companies, Chennai.

Resolved further that any one of the Directors of the Company be and is hereby authorized to file necessary forms with them and to sign the said forms /returns and to furnish all required details / information /explanations as may be sought by Registrar of Companies, Chennai in this connection.

and u should Close the Bank account before File the e-Form under FTEM (Fast tract Exit)

Thank you friends

further to my query,

The company which is going to be defunct under this scheme , it has two foreign directors in the board. In this situation where the affidavit and Indemnity bond to be notraised? Whether need to pay the stamp duty on the same? if yes then what is the rate of stamp duty? 

Thanks & Regards

affidavit and Indemnity bond notraised in india,

can anybody tell me ,how many days before board resolution should be passed before filing form FTE and is indemnity bond is required to be signed in 200 rs stamp paper.

Board Resolution and IB - mean latest one may be within 6 month before filing FTE. (there is no such limitation in act)

But what happens to the money in the bank account when you close the bank account?

Is that a liability?