Can we still wind-off a pvt.ltd. company while there are debtors or creditors outstanding and there is no business activity in past 3 years. There are no shareholders other than directors of the company. Please advise from both Company Act and Income Tax Act point of view.
Thanks in advance.
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Winding off company
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If a company is not carrying on any business or operation for a period of two immediately preceding financial years and has not made any application within such period for obtaining the status of a dormant company under section 455 such company can get its name striked off as per companies act.
and as per income tax - A company can file a petition to the Tribunal for its winding up when the members of the company have resolved by passing a Special Resolution to wind up the affairs of the company. Managing Director or the directors cannot file such a petition on their own account unless they do it on behalf of the company and with the proper authority of the members in the General Meeting.
and as per income tax - A company can file a petition to the Tribunal for its winding up when the members of the company have resolved by passing a Special Resolution to wind up the affairs of the company. Managing Director or the directors cannot file such a petition on their own account unless they do it on behalf of the company and with the proper authority of the members in the General Meeting.
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