Want to know the procedure to close down the private limited company
14-Dec-2023 (In Corporate Law)
I had registered a pvt limited company . We are a technology product company with no revenue model yet. Also we do not have any employees so we have no salary expenses also. Basically there are no income as well as expenses. I want to shut the company. How should I proceed?We have not even opened a bank account yet.
If you want to close the company then Section 560, of the Companies Act, 1956, deals with strike off provisions of a defunct company. Any defunct company desirous to strike off its name from the register of Registrar of company can apply in Form FTE for strike off its name from the register maintained by ROC as per Guidelines for ‘FAST TRACK EXIT MODE’ issued vide General Circular No. 36/2011 dated 7.6.2011.
Similarly, ROC has also power to strike off any defunct company after satisfying himself of the need to strike off a defunct company and has reasonable cause. But before passing any order in this regard, an opportunity of being heard must be provided to the defunct company by following the due procedure u/s 560.
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