Private Limited Company Closure
A Private limited company needs to be closed or windup when there are no exchanges or the Directors of company are not willing to proceed its operations.
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Private Limited Company Closure
A Private limited company needs to be closed or windup when there are no exchanges or the Directors of company are not willing to proceed its operations. your business in the private limited company is not running properly or faces continuous losses, it is better to close such private limited company and look for a new beginning. A private limited company generally can be shut by both voluntary and compulsory circumstances. Private limited Company Closure is done through FilingForYou
Preliminary Requirement of for Voluntary Strike off :-
(a) a company has failed to commence its business within one year of its incorporation 1[or];
(b) a company is not carrying on any business or operation for a period of two immediately preceding financial years and has not made any application within such period for obtaining the status of a dormant company under7[5[3[section 455 or]]] he shall send a notice to the company and all the directors of the company, of his intention to remove the name of the company from the register of companies and requesting them to send their representations along with copies of the relevant documents, if any, within a period of thirty days from the date of the notice.
(c) the subscribers to the memorandum have not paid the subscription which they had undertaken to pay at the time of incorporation of a company and a declaration to this effect has not been filed within one hundred and eighty days of its incorporation under subsection (1) of section 10A; or
Procedure for Private Limited Company Closure :-
- Passing of Board Resolution: The first step is to conduct a Meeting of Board of Directors of the Company and passing thereat a resolution for approving the strike off of the Company and authorising any Director to submit an application for the strike-off process shall be passed.
- Paying off Debts: A business that wants to be struck off must have taken care of all of its responsibilities and should have made proper arrangements for paying off its Creditors.
- Obtaining Shareholders Consent: A Special resolution for strike off of the Company shall be approved at a general meeting of shareholders. It must be noted that 75% of the Company’s shareholders must approve this resolution. After this, the resolution shall be submitted to the ROC in e-form MGT-14 within thirty days.
- Approval from Govt. Authority: Approval from the appropriate Govt. Authority shall be obtained, if the Company is registered under any such Authority
- Filing of Strike off Application in e-form STK – 2: An application to the RoC in e-form STK-2 shall be submitted along with requisite documents for initiating the strike off of the Company.