what is the procedure for winding up of Pvt Ltd., co.
do we need to file a petition before high court
Basavaraju.B.R.Gowda ( Student) (186 Points)
09 June 2010
what is the procedure for winding up of Pvt Ltd., co.
do we need to file a petition before high court
Jyoti
(CS)
(74 Points)
Replied 09 June 2010
no need to file petition and now Ministry has come with exit scheme u can go to this route which very easy and no procedure u can say. only indemnity and affidavit by two directors will solve this prob. last date is 31st aug, 2010.
find attached here with the whole scheme for ur ref.
Regards
Jyoti
Nitin Grover
(CS)
(1228 Points)
Replied 09 June 2010
Dear Jyoti
Easy Exit Scheme is different from Winding up
and Dear Gowda
no need to file petition before High Court
Off. Liquidator will do this work
Regards
Amit Periwal
(cs)
(41 Points)
Replied 10 June 2010
no need file any petition before court , just appoint official liquidator who will serve the purpose ofr you may go for easy exit scheme as per details attached with earlier reply.
thanks
Jyoti
(CS)
(74 Points)
Replied 10 June 2010
ya nitin u r ryt no issues but if u want to exit ur name and function in a easy way thn this is better option rest if winding up due to sm other rsn that only liquidator will serve the purpose
Basavaraju.B.R.Gowda
( Student)
(186 Points)
Replied 10 June 2010
thank u so much for all
what r d qualifications of an official liquidstor
vivek
(CS)
(751 Points)
Replied 10 June 2010
Official liquidators
5[448. Appointment of Official Liquidator.—(1) For the purposes of this
Act, so far as it relates to the winding up of a company by the Tribunal, there
shall be an Official Liquidator who—
(a) may be appointed from a panel of professional firms of chartered
accountants, advocates, company secretaries, costs and works
accountants or firms having a combination of these professions, which
the Central Government shall constitute for the Tribunal; or
(b) may be a body corporate consisting of such professionals as may be
approved by the Central Government from time to time; or
(c) may be a whole-time or a part-time officer appointed by the Central
Government:
Provided that, before appointing the Official Liquidator, the Tribunal may
give due regard to the views or opinion of the secured creditors and workmen.
Surrender
(CEO)
(461 Points)
Replied 10 June 2010
What could be an escape route for default in Annual filings before ROC since it was all made e-filing in respect of a defunct Pvt Ltd Coy. ? Can the Exit scheme be of use ? The Coy. have no cash flow even to pay ROC fees
Nitin Grover
(CS)
(1228 Points)
Replied 10 June 2010
Dear Friend
Official Liquiator is stated under Govt bodies.
In Delhi its office at Old Barrack House, K.G. MArg, New Delhi.
and Winding up is safe way for dissolution in comp of Easy Exit Scheme
In this Scheme any int person can file an application for re opening the company for next 20 yrs means real dissolution only after 20 yrs.
Dear Surrender
As per easy Exit Scheme the company is non working from April 01, 2008 or before and Bona Fide company. then only it can take benefits.
Regards
Surrender
(CEO)
(461 Points)
Replied 11 June 2010
Does it provide for re-activating later, after opting for Exit Scheme, now ?
Is it possible that the defunct Coy. with huge accumulated losses be useful for some
enterpreneur to avail offsetting future incomes ?
It could be suggested for tax-management !
SUNIL KUMAR JAIN
(PRACTISING COMPANY SECRETARY)
(187 Points)
Replied 12 June 2010
Dear Friends,
Voluntary Liquidation is one of the area of my Practise. I am a Liquidator of a few Private limited Companies under Voluntary liquidation.
There has been some confusion in understanding the difference in provisions of Voluntary Winding Up ( section 484), Compulsory Winding Up( section 433) and Name strike off of defunct companies(section 560).
A Company having Assets and liabilities may go for voluntary winding up of the company. A running company having huge assets may decide to go for voluntary winding up. For Voluntary Liquidation, a Company is to pass a Special resolution and to appoint a Liquidator. A practicing professional or the Managing Director of the Company may be appointed as the Liquidator.
A Liquidator on completion of liquidation process is to file final report with the Official Liquidator. Official Liquidator after scrutiny of documents, submits his repot to the High Court. Based on the report of the official liquidator , the High Court passes an order for the dissolution of the Company.
So, we should understand the difference between a Liquidator (Voluntary) and the Official Liquidator.
I shall be pleased to reply to the queries of the members on this subject.
With Regards,
Sunil K. Jain, FCS,
Practising Company Secretary,
9810104162
jagdish
(director)
(22 Points)
Replied 26 May 2011
A pvt ltd company having assets, no creditors and no debtors needs to go in for voluntary winding up. The company owns an office premise . Does this need to be sold or can it be transferred to shareholders taking into account its market value.
Thankyou
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