Close the Pvt. Ltd. company using the most efficient and trustworthy method.

With KNAP Advisory, closing a pvt ltd company that has had no commercial operations since its incorporation or no transactions in the preceding two fiscal years, is no longer a difficult task.

Services Includes

  • Preparation of Assets & Liabilities Report as on Date
  • Preparation of Statutory Documents and resolutions
  • Preparation and filing of application in STK-2 to the ROC
  • Cancellation of PAN, TAN, GST etc of the Company

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Close the Pvt Ltd Company

An Overview - Close the Pvt Ltd Company

Failure to maintain consistency for a company may result in fines and limit the Directors' ability to merge with another company. Consequently, if a private limited company has been inactive and there have been no cash transactions, it is preferable to dissolve the company.

The investors of a company may begin the company's voluntary or intentional closure. The unusual obligation must be established if there are any shielded or unbound banks or representatives on file. After all levies have been paid, the company must shut its ledgers. Lastly, the business must fulfil any remaining compliance requirements, such as a personal government tax payment or annual filing, and relinquish the GST registration. After completing all standard processes and surrendering enrollments, the Ministry of Corporate Affairs can receive the company application request.

Procedure to Strike off the Company in India

The following procedures pertain to the dissolution of a private limited company:

  • Stage 1: In the voluntary dissolution of a private limited company is to summon a board meeting with at least two directors. Adopt a resolution stating that the Directors have conducted an investigation into the Company's operations and that, as a result, they have come to the conclusion that the company has no obligations or will be able to cover its financial obligations with the proceeds from the sale of its assets during the voluntary liquidation of the company. Define the date, venue, time, and purpose of a General Meeting of the Company to be held five weeks following this Board Meeting.
  • Stage 2: Publish an advertising in the form of a written statement announcing the company's General Meeting, outlining its aims, and providing a sufficient logical explanation.
  • Stage 3: At the General Meeting, approve the company's standard goals for closure by a majority vote or by a vote of three-quarters. The company will cease operations on the date these resolutions are passed.
  • Stage 4: Prepare and conduct a meeting of the Creditors on the same day or the day after the resolution to dissolve the company is introduced. If 66 percent of the firm's investors agree that it is in the company's best interest to cover all interests, the company may be voluntarily shut down. The company must be dissolved by a tribunal if it is unable to fulfil all of its liabilities at the time of dissolution.
  • Stage 5: Within ten days of passing the resolution to dissolve the company, file a notification with the Registrar requesting the appointment of the liquidator.
  • Stage 6: Within 14 days of announcing the company's decision to dissolve, it must publish a notice of the purpose in the Official Gazette and promote it in a local newspaper.
  • Stage 7: Within 30 days following the company's General Meeting for the purpose of dissolving the company, duplicates of any common or unique resolutions passed at the meeting must be retained.
  • Stage 8: Complete the company's projects, choose suppliers to represent the company's closure, and conduct an evaluation of the company's equivalent.
  • Stage 9: Call the concluding and final General Meeting of the company.
  • Stage 10: Adopt particular goals for the closing of the company's books and accounts when all operations have been ceased and the company is going to cease to exist.
  • Stage 11: Within fourteen days of the Company's final General Meeting, replicate the business's records and file an application with the Tribunal seeking that the company be dissolved.
  • Stage 12: If the conditions of the Tribunal are satisfied, the Tribunal will issue a request for the dissolution of the firm within 60 days of receiving the application.
  • Stage 13: As the final step in the procedure for the voluntary dissolution of a company, the business vendor must submit a copy of the request to the Registrar.
  • Stage 14: After receiving a copy of the Tribunal's judgement, the Registrar will issue an announcement in the Official Gazette stating that the company has been dissolved. This finishes the many steps required to dissolve a Private Limited Company.

Pre-conditions to be fulfilled to Close the Company

  • The following criteria may result in the dissolution of the company:
  • - When a company has not undertaken any business or activity for two consecutive fiscal years without filing an application for dormancy.
  • - The company cannot be dissolved if any of the following occurred within the past three months: - The company's name was changed or its registered office was moved to a different state.
  • - Made a transfer in consideration for the value of its assets or rights (subject to conditions).
  • - Engaged in any other action that is not needed or expedient for submitting an application pursuant to the applicable paragraph, etc.
  • - Submitted an application to the Tribunal for a Compromise or Arrangement, but no agreement has been reached.
  • - Been dissolved under Chapter XX, whether voluntarily, by the Tribunal, or pursuant to the 2016 Insolvency and Bankruptcy Code (IBC).

Documents required to Close the company

The following papers are required for the closing of the company:

  • - The organization's PAN card
  • - Confirmation that the company's record has been closed.
  • - A repayment bond that government officials must validate.
  • - The most current financial statement announcement from the company.
  • - Declaration of all asset and liability documents as assessed by a certified public accountant (CA).
  • - Confirmation that three-quarters of the board members support the objectives.
  • - Request removal of the company's name.

 

HELP & FAQs

What does it mean to

The process of removing a company's name from the Registrar of Companies is known as Strike Off. It is more equivalent to the Company being closed, as the Company will cease to exist and be unable to do business following the Struck Off.

How long does it take to dissolve the company?

The 'Principal Objectives' of the company are to be adhered to immediately upon formation. The incidental or auxiliary objects are only a subset of the major object, which the Act stipulates must be specified in order to avoid ambiguity.

How do you reinstate a firm that has been terminated?

Any person impacted by a Company Strike Off order may appeal, petition, or apply to the NCLT for Revival of the Struck Off Company within three years of the date of the registrar's order, with the burden of proof being with the person appealing for revival.

What occurs once the registrar removes the company's name from the public record?

The company will cease to exist and be unable to conduct business after being Struck Off.

When may the company be dissolved by the Registrar of Companies?

The ROC has the authority to dissolve a company if:
• If, within one year of incorporation, the firm fails to commence operations, and
• If a corporation has not submitted an application for dormant status despite being inactive for two fiscal years.

 

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We have been especially crucial in ensuring startups are compliant with India's complex legal structure. We accept responsibility and obligation on behalf of the business owners and co-founders for adhering to all legal requirements. We strive to deliver a wide range of quick, effective, and compliance-focused services to any company or individual with a startup mentality. We are abide by our motto:- We Care, We Deliver, We Honor.