Ministry of corporate affairs, Government of India has issued a general circular providing Guidelines for Fast Track Exit mode for defunct companies under section 560 of the Companies Act, 1956. As per Section 560 of Companies Act, 1956 the Registrar of companies can strike off the name of the defunct companies from the register of companies subject to fullfilment of certain conditions.
To get a company wound up may prove to be a costly and time consuming affair for small companies who has already stopped their business and have nil assets and liabilities. This Fast Track Exit scheme will help certainly help defunct companies especialy the small defunct companies to exit u/s 560 of companies Act. The fees to be deposited under this scheme is Rs 5000. The circular is produced herebelow:
General Circular No. 36/2011
F. No. 2/3/2011-CL V
Government of India
Ministry of Corporate Affairs
5th Floor, ‘A’ Wing, Shastri Bhavan,
Dr. R.P. Road, New Delhi
Dated the 7 th June, 2011
To
All Regional Director,
All Registrar of Companies.
Subject: Guidelines for Fast Track Exit mode for defunct companies under section 560 of the Companies Act, 1956
Sir,
There are a number of companies, which are registered under the Companies Act, 1956, but due to various reasons they are inoperative since incorporation or commenced business but became inoperative or defunct later on. Such companies may be desirous of getting their names strike off from the Register of Companies maintained by Registrar of Companies.
2. As per section 560 of the Companies Act, 1956, Registrar of Companies may strike off the name of companies on satisfying the conditions therein. As per present practice, a company desirous of getting its name struck off, has to apply to Registrar of companies in e-form 61. All pending statutory returns are required to be filed along with e-form 61.
3. In order to give an opportunity for fast track exit by a defunct company, for getting its name struck off from the register of companies, the Ministry has decided to modify the existing route through e-form – 61 and has prescribed the new Guidelines. The Guidelines for “Fast Track Exit mode” for defunct companies under section 560 of the Companies Act, 1956 are enclosed herewith.
4. These Guidelines will be implemented w.e.f. 3rd July, 2011.
Yours faithfully,
-Sd/-
(Monika Gupta)
Assistant Director
Encl: As above
Download Full circular here:
General Circular No. 36/2011
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