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Strike Off



People have incorporated the companies with a view of run its business but are no longer now with the same view. It increases the compliance and Statutory Cost which is not feasible for non- operating company. Consequently many people are thinking of closing down their companies.


For the purpose, Ministry of Corporate Affairs has introduced Fast Track Exit (“FTE”) Scheme for giving opportunity to non-operating companies for getting their names struck off from the records of Ministry of Corporate Affairs. Any non Operating Company and Defunct company desirous to Strike off their name from the record of Registrar of Companies, may apply to Registrar of Companies. It is the easiest mode of closing of non-operating companies. Similarly, ROC has also power to strike off any defunct company after satisfying himself of the need to strike off a defunct company and has reasonable cause. But before passing any order in this regard, an opportunity of being heard must be provided to the defunct company by following the due procedure u/s 560.

 

Striking off under FTE is a less formal process than winding up. It can be an alternate to the winding up process only if the company does not have sufficient property to pay off the cost of liquidation. Fast Track Exit scheme is simplified and fastened scheme for dissolution of Companies.

 

Some of the situations when a company can go for such scheme:

 

Ø  A company fails to carry its business for a minimum period of one year.

Ø  No prosecution is pending under the Companies Act.

Ø  No inspection or investigation is pending by the Government

Ø  No secured loans pending against the company.

Ø  The directors and company are not involved in any non compoundable offence.

 

We, at CorpJuris, provide our services to Professionals and Corporate helping them to close their companies. We have in-house team of professionals who assist the corporate in resolving their need for Striking off name of their companies.

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