Start Process of Striking Off the Company

Get rid of mounting Late Fee in case of Default in Annual Filing

Winding up Business is smooth via FTE mode

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Close a Company

A company is an entity incorporated by law and life of a company can be ended only be due process of law. Bringing legal status of a company to an end is known as Dissolution.

A Company may be dissolved by following any three processes:

Forms used in Annual ROC Return filing of LLP with due date

Approval by Court of a scheme of restructuring or amalgamation of two or more companiesRegistrar after following procedure strike off the name of defunct company from the registrar of companies Through winding up process

Winding up

  • In Winding up assets are realised and the liabilities are paid, but the corporate status of the company continues
  • Winding up precedes dissolution and dissolution brings an end to the status of legal entity enjoyed by the company
  • Methods of winding can be Compulsory, or voluntarily either by members or creditors or winding up by court

Fast Track Exit (FTE)

  • FTE mode is an opportunity given by Ministry of Corporate Affairs to defunct and non-operating companies
  • FTE Mode is cost effective and its process involves reduced formalities
  • FTE Mode can be opted to strike off name from register of companies as with ROC only by a company who has not commenced business operation within one year from its incorporation or by a company which is unable to carry on any business or operation for a period of two immediately preceding financial year and has not made any application within such period for obtaining status of dormant company under companies act, 2013 

Strike off under Fast Track Exit (FTE)

  • To get the company strike off under FTE, an application under Form STK-2 is filed with ROC
  • Form STK-2 consists of Statement of Accounts duly certified by practicing Chartered Accountant, indemnity bond, affidavits, special resolution, board resolution, statement regarding pending litigation, if any, along with NOC, if so required
  • Winding up dormant and inactive avoids unnecessary maintenance cost and in case of default in annual filing compliance helps in reducing legal formalities and saves late fee and penalty

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FAQ

What is Defunct Company?

The defunct company means a company which is not operating or not carrying on any business or in operation. Generally, it is evident from the latest balance sheet of a company. If a company is not filing its balance sheet for many years then also the concerned Registrar of Companies (ROC) has reasonable cause to believe that the company is not in operation.

What is FTE scheme?

The Fast Track Exit (FTE) mode is to give an opportunity to the defunct companies to get their names struck off from the register the Companies act 2013 in time bound manner.

What is application fee under Fast Track Exit Scheme?

The applicant is required to file an application in the prescribed Form FTE along with the prescribed fee of Rs. 5,000/-

Which form is filed to get the company strike off under Fast Track Exit (FTE) mode?

A Company eligible to apply for striking off its name needs to apply to Registrar of Companies in Form STK-2.