Closure of Pvt. Ltd.(Fast Track Exit)
A private limited company needs to be closed or windups when there are no exchanges or the Directors of company are not willing to proceed its operations. A private limited company generally can be shut by both voluntary and compulsory circumstances.
Winding up a private limited company is a tedious, but necessary, procedure. Without doing so, you would need to annually meet the requirements of the Registrar of Companies (which means spending money on audit and compliances). The bigger reason you would want to do this, of course, is because it releases the assets and investments made by you.
FAQ on Closure of Pvt. Ltd.:
What are the compliances for Winding up of Pvt. Ltd.?
Form FTE Application for striking off the name of company under the Fast Track Exit(FTE) Mode
What is the difference between Closure, Winding Up and Dissolution of Company?
- Closure of the company is done voluntarily and is done through the fast track exit scheme.
- Winding up of the company may be voluntary or by the order of the Court by appointing an official liquidator to monitor the process of winding up.
- Dissolution is initiated by the Court for ending the legal existence of the Company.
What is Fast Track Exit (FTE) Scheme?
- FTE is a company closure scheme initiated by MCA for easy and faster closure of Company.
Which company is eligible to apply for closure of company?
- Any Company which is not a Section 8 Company and has been inoperative for more than 1 year from the date of its incorporation can apply for Closure of Company under FTE scheme.
What are the documents required for Closure of Company?
- Application for Striking off of the Company
- Board Resolution for closure
- Consent of Directors
- Directors’ Affidavit
- Indemnity Bond
- Statement of Assets and Liabilities.
What is the time limit to file closure documents with ROC?
- The Form has to filled be filed with ROC office within 30 days from the date of Signing of the Statement of Assets and Liabilities.