Winding Up of Company
A private limited company is an artificial judicial person and requires various compliances like appointment of Auditor, regular filing of income tax return, annual return filing and more. Failing to maintain compliance for a Company could result in fines and/or debarment of the Directors from incorporating another Company. Therefore, if a private limited company has become inactive and there are no transactions in the company, then it is best to wind up the Company. To enable inactive private limited companies to quickly close or wind up, the Ministry of Corporate Affairs has introduced Fast Track Exit Mode - an easier way to close inactive companies at a cheaper cost with lesser formalities. A defunct company which has not carried out any business activity or operations for last one year or since incorporation and having NIL assets & liability can apply for stricking-off of name under the Fast Track Exit Mode. IndiaFilings can help you wind up your Company quickly and easily.
The following documents are to be submitted to close a Private Limited Company.
- Board Resolution for closure
- Consent of Director
- Director's Affidavit
- Indemnity Bond
- Statement of Assets and Liabilities
The application must be filed with the Registrar within 30 days of signing the statement of assets and liabilities