Winding Up Of Company
- a. Overview
- b. Filling
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 sticking-off of name under the Fast Track Exit Mode. We can help you wind up your Company quickly and easily.
A Business Expert reviews the activities of the Company and determines if it is eligible for winding up under the Fast Track Exit Mode. The necessary documents are prepared by an Expert for winding up of the company under the Fast Track Exit Mode. Documents will be prepared by the Expert in 1-2 working days depending on the Company. Fast Track Exit application along with the necessary documents are submitted to the MCA. MCA will usually approve the application for winding up and closing of the company in about 90 days, subject to processing time.