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+91-9654438893
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CLOSURE OF PRIVATE COMPANY
The main purpose of carrying out business is to earn profits. However, due to some inadvertent circumstances, like recurring losses or due to the order of the Court, the Company may need to shut down its operations. Following are some of the common reasons for winding up the Company:
- Continued losses;
- Unstable economy;
- To comply with the orders of the court;
- Tough competition in the market;
- Not carrying on business or non filing of Annual return with MCA for continuous period of 2 years.
Advantages:
- To save itself from further losses;
- Saving itself from further action for not complying with the orders of the Court;
- To save itself from further costs associated with complying with the provisions of Companies Act and other regulatory provisions;
Minimum Requirement for Winding up:
- A company fails to commence its business within one year of its incorporation,
- A Company not carrying the business for 2 years;
- Non-payment of subscription fees by the subscribers of the Memorandum within 180 days from date of incorporation of the Company.
Procedure:
Obtaining documents from clients
Drafting the affidavit and other relevant documents
Filing of forms and annual return
Submission of documents and issue of notice in the publication
Removal of name from the Register of Companies
DOCUMENTS REQUIRED
- Indemnity bond duly notarized by every director;
- Audited statement of accounts;
- a copy of the special resolution duly certified by each of the directors of the company or consent of seventy five per cent of the members of the company in terms of paid up share capital as on the date of application;
- a statement regarding pending litigations, if any, involving the company.
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