Company Registration Consultant in India

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How a Private Limited Company is Closed

Top Company Registration Consultant in Ahmedabad and India by Mehul Thakkar and Associates.

We frequently witness situations where small firms choose to close rather than continue operating at a loss because they are unable to survive in this fiercely competitive time. Startups sometimes choose to shut down their businesses when the founders abandon their project in favor of a more lucrative one.

Top Company Registration Consultant in Ahmedabad and India by Mehul Thakkar and Associates. The Companies Act of 2010 offers several options for company closure. Declaring the company "Defunct" and having its name removed from the Registrar's records are two such methods. Companies who are unable to start their firm or are not currently operating are given access to this hassle-free and simple exit option.

Qualifications for closing a business:

a firm that was incorporated but did not start operations within a year.

a firm that has not filed an application to become a dormant company and has not conducted any business or operations for the two fiscal years before.

Requirements should be met prior to submitting the application:

At the time of the closure application, the Company should have no assets and no liabilities. A special resolution will be used to acquire the consent of 75% of the members.

Method:

To have a name removed from Form STK 2, an application must be submitted to the Registrar together with the necessary supporting documentation and a Rupee 5,000 cost.

The Registrar publishes a notice to be published in the official gazette upon receipt of the application. If the firm has a website, the same warning ought to be posted there as well.

A digital signature on Form STK 2 from a director appointed by the board is required, or the form may be signed on paper and attached.

A certified copy of the form signed by a CS, CA, or CMA in practice is required.

Required Documents:

Each director's properly notarized indemnity bond in Form STK 3

A certified chartered accountant's statement of accounts detailing the company's assets and liabilities as of the day, up to a maximum of thirty days prior to the application date;

a Form STK 4 affidavit signed by each director of the business;

A copy of the board resolution approving the application's submission.

A copy of the special resolution in question, attested to by each of the company's directors, or the approval of 75% of the members as of the application date

A declaration about any ongoing legal disputes the corporation may be involved in

A copy of the regulatory body's order, if any, authorizing the application's filing

A copy of the pertinent delisting order, if any, from the stock exchange in question (for listed firms)