There are a number of companies, which are registered under the Companies Act, 1956, but due to various reasons they are inoperative since incorporation or commenced business but became inoperative or defunct later on.
Such companies may be desirous of getting their names strike off from the Register of Companies maintained by Registrar of Companies.
In order to give an opportunity for fast track exit by a defunct company, for getting its name struck off from the register of companies, the Ministry has decided to modify the existing route and has prescribed the Fast Track Exit Guidelines. The Guidelines for “Fast Track Exit mode” for defunct
companies under section 560 of the Companies Act, 1956
Eligibility Criteria:
A.
- Company applying for FTE (Fast Track Exit) Scheme, has nil assets and nil liabilities and
- has not commenced any business activity or operations since incorporation
OR
- is not carrying over any business activity or operation for last one year before making application for striking off
B. Check Status of your company at MCA. If its active or Dormant Status, you can apply for FTE
C. If you are Government Company, then, also you can apply for FTE, but take NOC from Ministry or concerned department
The companies which cannot apply for FTE are;
- Listed Companies
- Delisted companies
- Section 25 companies as per CA 1956 (Now called Section 8 Company)
- Vanishing Companies
- companies against which prosecution for a noncompoundable
offence is pending in court
- company having secured loan
- company having management dispute
- company in respect of which filing of documents have been
stayed by court or Company Law Board (CLB) or Central
Government or any other competent authority
- company having dues towards income tax or sales tax or
central excise or banks and financial institutions or any other
Central Government or State Government Departments or
authorities or any local authorities.
For filing application for FTE, Government fees is Rs. 5000/-
What if the Directors information is not there in the database of Directors maintained by the Ministry?
In this case, the application shall be accompanied by certificate from a Chartered Accountant in whole time practice or Company Secretary in whole time practice or Cost Accountant in whole time practice alongwith their membership number, certifying that the applicants are present directors of the company. In such cases, the applicants shall not be asked to file Form 32 and Form DIN 3.
For more details, contact CS Neha Seth at csnehaseth@gmail.com or call us at 9871903449
Such companies may be desirous of getting their names strike off from the Register of Companies maintained by Registrar of Companies.
In order to give an opportunity for fast track exit by a defunct company, for getting its name struck off from the register of companies, the Ministry has decided to modify the existing route and has prescribed the Fast Track Exit Guidelines. The Guidelines for “Fast Track Exit mode” for defunct
companies under section 560 of the Companies Act, 1956
Eligibility Criteria:
A.
- Company applying for FTE (Fast Track Exit) Scheme, has nil assets and nil liabilities and
- has not commenced any business activity or operations since incorporation
OR
- is not carrying over any business activity or operation for last one year before making application for striking off
B. Check Status of your company at MCA. If its active or Dormant Status, you can apply for FTE
C. If you are Government Company, then, also you can apply for FTE, but take NOC from Ministry or concerned department
The companies which cannot apply for FTE are;
- Listed Companies
- Delisted companies
- Section 25 companies as per CA 1956 (Now called Section 8 Company)
- Vanishing Companies
- companies against which prosecution for a noncompoundable
offence is pending in court
- company having secured loan
- company having management dispute
- company in respect of which filing of documents have been
stayed by court or Company Law Board (CLB) or Central
Government or any other competent authority
- company having dues towards income tax or sales tax or
central excise or banks and financial institutions or any other
Central Government or State Government Departments or
authorities or any local authorities.
For filing application for FTE, Government fees is Rs. 5000/-
What if the Directors information is not there in the database of Directors maintained by the Ministry?
In this case, the application shall be accompanied by certificate from a Chartered Accountant in whole time practice or Company Secretary in whole time practice or Cost Accountant in whole time practice alongwith their membership number, certifying that the applicants are present directors of the company. In such cases, the applicants shall not be asked to file Form 32 and Form DIN 3.
For more details, contact CS Neha Seth at csnehaseth@gmail.com or call us at 9871903449
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