Winding Up of Co.. urgent!!

Firstly, distribute the Reserves as Dividend to the extent possible and capitalise the balance, so that Rs. 2 Cr. becomes free. Now the company has 1 Cr + of capital and equivalent value of assets.

Then, through a scheme for reduction of capital, pay back most of the capital to the members and leave only the amount that is required for having the legal status in place.

The Company can now go for voluntary members' liquidation. This would be a lenghty process but a cleaner one in which most of the balance assets would come back to the shareholders.

thanx 4 ur reply Mr Rasesh.

bt can u pls suggest me d shortest route possible.

I want the shortest way 2 wind up that company.

Hy Harsh,

There are only three ways for winding up of co.

1) Strike off the name of co. from register of co. with Registrar

2) By oder of tribunal / court

3) Member's voluntary winding up

For applicability of first case, co. must be defunct co. - abovementioned co. ABC Ltd. doesn't appear as a defunct co.

For applicability of second case, co. must be unable to pay its debts - in ur case, it doesn't seen since assets are sufficient enough

In my opinion, Mr. Rasesh has given the shortest possible route.

Any other opinion in this????? plz. let me also know.