Private Limited Company Closure

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We, at K M Gatecha & Co LLP, aim to provide the most efficient and hassle-free services to our clients. All the services that any organization or individual may require related to company, financial planning, investments, or tax planning are provided to our clients.

These services include Private Limited Company Closure services. Each type of firm has different rules and regulations that are to be fulfilled before and on closure of the firm. Before providing the Private Limited Company Closure Service we believe in informing the clients about various aspects about Private Limited Company Closure and what we offer within the service.

Private Limited Company Closure

Private Limited Company Closure

For Private Limited Company Closure we provide the following services:

  • Documentation,
  • Collection of documents,
  • Certification of STK-2 form,
  • Filing of petition for Private Limited Company Closure,
  • Fulfilling all rules and regulations,
  • Follow up with government authorities and status update regarding application progress,
  • Completion of Private Limited Company Closure.

Which private companies can opt for Private Limited Company Closure:

  • Company has not commenced business within 1 year of incorporation,
  • Company which has not conducted any business or activity in the preceding 2 financial years and has not sought status of dormant company under Section 455 of the Act,
  • The subscribers to the memorandum have not paid any subscription and a declaration to this effect has not been filed within 180 days of its incorporation.

Which are the companies which cannot apply for Private Limited Company Closure:

  • Listed companies,
  • Delisted companies,
  • Companies where inspection or investigation is ordered and is pending at any stage,
  • Companies on which there is scrutiny or inquiry by ROC, which is pending,
  • Companies against whom prosecution for an offence is pending in court,
  • Companies which have accepted public deposits and they are outstanding, or a default is made on repayment of same,
  • Companies registered under section 25 or section 8 of Companies Act, 1956,
  • Companies having charges which are pending for satisfaction.

Section 248(2)- Statutory provisions for Private Limited Company Closure:

  • Form STK-2 must be filed and submitted to the registrar by the company or representative for removing the name of the company after paying off all its liabilities and after passing a special resolution,
  • STK-2 form must be signed by the director and certified by a practicing CS/CA/CWA.

Exceptions under Section 248(2) for Private Limited Company Closure:

  • There has been change in name or registered office of company from one state to another,
  • There has been a disposal of property or rights by the company, immediately before ceasing financial activities,
  • Has engaged in any other activity except the one which is necessary for the purpose of making the application under that section,
  • Company is being wound up under Chapter XX, voluntarily or by order of tribunal or under IBC,2016

 

Process for Private Limited Company Closure

  • Holding a board meeting and deciding to close the company voluntarily under section 248(2),
  • Paying off liabilities before holding EGM,
  • Holding EGM and passing special resolution,
  • Filing of special resolution in MGT-14 within 30 days of passing,
  • Filing STK-2 with relevant documents.
  • Public notice STK-6 publishing by the ROC to seek objection by public against closure of company,
  • Notice will be placed on the website of Ministry of corporate affairs, published in the official Gazette and published in leading English newspaper and one vernacular language,
  • Intimation to concerned regulatory authorities regulating the company by the ROC,
  • Completion of strike-off and dissolution of company.

Documents required for Private Limited Company Closure:

  • Indemnity bond duly signed by every director in Form STK-3,
  • Statement of accounts in form STK-8 not older than 30 days before filing of application,
  • Affidavit in form STK-4 by every director of the company,
  • Certified true copy of Special resolution duly signed by every director,
  • Approval of regulating authority of the company (if any),
  • Statement of any litigations in which the company is involved.

 

Whether it be voluntary Private Limited Company Closure or due to dormancy of Company or any other reason, at K M Gatecha & Co LLP, we provide the most efficient and hassle-free process for Private Limited Company Closure.

    FAQS on Private Limited Company Closure

    Striking off the name of a company means removing the name of company from the Registrar of Company records, which is mandatory for Private Limited Company Closure.

    Yes, in the following situations:

      • If company has not commenced business within 1 year of incorporation,
      • A company which has not conducted any operation in the preceding 2 financial years and has not applied for status of dormant company.

    FTE is scheme is a Private Limited Company Closure scheme initiated by the MCA for easy and faster closure of company, which can be completed within 90 days of application.

    Yes, but only after application to the National Company Law Tribunal along with valid reason for reversal of strike-off.

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