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Closure of the Company
Section 248(1) of the companies act provides several ground on which the ROC can remove the name of the company from the register of companies by the ROC. The application is filed in form STK-2 with the government fee of Rs 10,000/-. We can help you to close your company easily.
ComplianceIndia helps you with the simplest way to Strike of the Company.
Prerequisites for Closure of the Company
- The Company can be closed which could not commence its business operations within one year of its incorporation. Meaning thereby there is absolutely no transaction in the company.
- There is no assets or liabilities in the company. All bank A/c must be closed, and the financial statements must be certified by a Chartered Accountant.
- There should not be any litigation or tax assessment pending for the company with any other Authorities.
- A company can be closed even when the company started its business but has been inoperative for the past two financial years.
How we Work?
Documents Required for Closure of the Company
Our charges for filing of Closure of the Company starts from Rs. 1,999/-.
Frequently Asked Questions
1. What are the grounds for striking off the company? In what conditions the Company’s name cannot be struck off?
The company can be struck off under the following circumstances:
– When a company has failed to commence its business within one year of its incorporation.
– When a company is not actively carrying on any business or operation for a period of two immediately preceding financial years and has not made any application within such a period for obtaining the status of a dormant Company.
2. When an application for strike-off can be filed?
It can be filed only when the company repays or extinguishes all its liabilities and receive a No Objection Certificate (NOC) from the creditors before filing the closure application. And conduct a meeting where all the directors decide upon the closure by signing a special resolution or a consent of seventy-five percent members regarding paid up share capital.
3. Can I restore my company back after its struck off the register?
In case the company is struck off due to its default, then it would have to apply to the National Company Law Tribunal for changing the status of the company from strike off to active by giving valid reasons for the fault.
4. What is dissolving a company under fast track exit from MCA?
Fast Track Exit is a scheme introduced by the Ministry of Corporate Affairs (MCA) for inactive companies to wind up and get their names struck off from the MCA record with lesser formalities.
5. Who can sign the application for winding up of a company?
The Form STK-2 (Application for Winding up of the company) is filed online with the digital signature of the applicant. For the purpose of signature, DSC of either shareholder or director can be used as per the approval of the shareholders as taken in the EGM. The E-form STK-2 is further required to be attested by a CA, CS or CMA.
6. When can a company be said to be dissolved?
ROC will publish a list of companies struck off in the Official Gazette. The Company under fast-track exit mode will be considered closed from the date of publication of the notice in Official Gazette.
7. What is the stamp duty for the affidavit and indemnity bond for the purpose of filing Form STK-2?
The stamp duty execution on documents like affidavit and indemnity bond is levied by the state government, which differs from state to state. You may find the stamp duty rates by referring to particular state government stamp act, or by inquiring from the stamp vendors.
8. How much time does it require to wind up the company?
After filing the STK-2, the registrar may take two weeks time in accepting the application, once approved, intimation is sent to the commissioner of income tax, for their objection if any. The ROC Further publishes the names of companies who have applied for closure on their website for the public at large inviting their opposition to the closing of the company. If the ROC receives no objection, the company gets wound up. The entire process of company winding up may take around 3-5 months of time.