{"id":20507,"date":"2019-06-28T11:36:30","date_gmt":"2019-06-28T11:36:30","guid":{"rendered":"https:\/\/www.legalraasta.com\/blog\/?p=20507"},"modified":"2019-06-28T11:52:02","modified_gmt":"2019-06-28T11:52:02","slug":"defunct-company","status":"publish","type":"post","link":"https:\/\/www.legalraasta.com\/blog\/defunct-company\/","title":{"rendered":"Defunct Company: Methods to Fast track exit"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.legalraasta.com\/blog\/defunct-company\/#Introduction\" title=\"Introduction\">Introduction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.legalraasta.com\/blog\/defunct-company\/#Two_methods_to_Fast_track_exit\" title=\"Two methods to Fast track exit:\">Two methods to Fast track exit:<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.legalraasta.com\/blog\/defunct-company\/#Suo_moto_by_Registrar\" title=\"Suo moto by Registrar:\">Suo moto by Registrar:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.legalraasta.com\/blog\/defunct-company\/#Voluntary_removal_of_the_name\" title=\"Voluntary removal of the name:\">Voluntary removal of the name:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.legalraasta.com\/blog\/defunct-company\/#Companies_which_cannot_apply_for_fast_track_exit\" title=\"Companies which cannot apply for fast track exit\">Companies which cannot apply for fast track exit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.legalraasta.com\/blog\/defunct-company\/#Dormant_company\" title=\"Dormant company\">Dormant company<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.legalraasta.com\/blog\/defunct-company\/#Procedure_to_obtain_Dormant_Company\" title=\"Procedure to obtain Dormant Company\">Procedure to obtain Dormant Company<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.legalraasta.com\/blog\/defunct-company\/#Benefits_and_Drawbacks_of_Dormant_Company\" title=\"Benefits and Drawbacks of Dormant Company\">Benefits and Drawbacks of Dormant Company<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.legalraasta.com\/blog\/defunct-company\/#Difference_between_Dormant_and_Defunct_Company\" title=\"Difference between Dormant and Defunct Company\">Difference between Dormant and Defunct Company<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.legalraasta.com\/blog\/defunct-company\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Introduction\"><\/span>Introduction<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Defunct Company\u00a0is a company which does not have any asset or any liability. The Defunct company that fails to commence business in its first year of establishment.<\/p>\n<p>On the 5th of\u00a0\u00a0April 2017, the most awaited procedure of Fast track Exit is activated. Section 248\u00a0of the\u00a0<a href=\"https:\/\/www.legalraasta.com\/companies-act-2013\/\" target=\"_blank\" rel=\"noopener\">Companies Act 2013<\/a> deals with the fast-track exit procedure. Strike Off mode was introduced by the Ministry of Corporate Association to give an opportunity to the\u00a0Defunct Company to get them struck off from the <a href=\"https:\/\/www.legalraasta.com\/blog\/roc-full-form\/\" target=\"_blank\" rel=\"noopener\">Register of Companies<\/a>.<\/p>\n<blockquote><p>You can use our service for ROC Compliance for Private companies:<a href=\"https:\/\/www.legalraasta.com\/file-roc-compliance-for-private-limited-company\/\" target=\"_blank\" rel=\"noopener\"> ROC Compliance<\/a><\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Two_methods_to_Fast_track_exit\"><\/span>Two methods to Fast track exit:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Suo_moto_by_Registrar\"><\/span>Suo moto by Registrar:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The Registrar can remove the company if:<\/p>\n<ul>\n<li>The company has failed to commence any business in a year of its incorporation.<\/li>\n<li>If a company has not carried out any business or Activity for the preceding 2 financial years. Neither has it sought the status of Dormant Company under Section 455 of the Act.<\/li>\n<\/ul>\n<p>The <a href=\"https:\/\/www.legalraasta.com\/blog\/registrar-of-companies-roc-india\/\" target=\"_blank\" rel=\"noopener\">Registrar of Companies<\/a> will send a notice to a Company and to all the directors of the Company.\u00a0Stating his intention to remove the name in the notice. Seek the representation of the Company in 30 days.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Voluntary_removal_of_the_name\"><\/span>Voluntary removal of the name:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Your Company can file an application to the Registrar of Companies(ROC) for striking off the name by itself.<\/li>\n<li>The <a href=\"https:\/\/companyregistrationonline.in\/blog\/registrar-of-companies\/\" target=\"_blank\" rel=\"noopener\">Registrar of Companies<\/a> needs to be satisfied that all the amount due by your Company is discharged.<\/li>\n<li>Registrar of Companies can also issue a show cause notice in case of default in filing returns or other obligations.<\/li>\n<li>After satisfaction, the Registrar of Companies shall issue a public notice and strike off the name of Company.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Companies_which_cannot_apply_for_fast_track_exit\"><\/span>Companies which cannot apply for fast track exit<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><a href=\"https:\/\/www.legalraasta.com\/blog\/need-know-section-8-company\/\" target=\"_blank\" rel=\"noopener\">Section\u00a08 Companies<\/a>.<\/li>\n<li>Those Companies which are already registered by the government.<\/li>\n<li>Companies which are delisted due to non-compliance with listing regulations or listing agreement or any other statutory laws.<\/li>\n<li>Companies that are on the verge of vanishing.<\/li>\n<li>Although if a company is being investigated then also it cannot apply for a fast track exit.<\/li>\n<li>If the company has a letter issued by the registrar and the reply is still pending then it is not eligible to apply or fast track exit.<\/li>\n<li>If the company is having any pending cases in the court.<\/li>\n<li>The company&#8217;s application for compounding is pending.<\/li>\n<li>Companies that are unable to pay the money to the public if they have taken public deposits.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Dormant_company\"><\/span>Dormant company<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Dormant Company is a company that is an inactive Company. Section 455 of the Companies Act 2013 deals with the provisions of Dormant Company. As per Companies Act, 2013 Dormant company is registered to keep the following objectives in mind:<\/p>\n<ul>\n<li>Formed with an idea for the future.<\/li>\n<li>Have a hold on an asset or intellectual property.<\/li>\n<li>Do not have a significant transaction.<\/li>\n<li>the company being inactive.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Procedure_to_obtain_Dormant_Company\"><\/span>Procedure to obtain Dormant Company<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>You have to call a Board Meeting to fix the date and time of the Extraordinary General Meeting.<\/li>\n<li>Have to ask the chartered accountant to issue a certificate.<\/li>\n<li>You have to hold an extraordinary general meeting.<\/li>\n<li>The company has to pass a special resolution to get the status of a dormant company.<\/li>\n<li>The director of the company should be authorized to make an application for Dormant with ROC.<\/li>\n<li>The company should file <a href=\"https:\/\/www.legalraasta.com\/blog\/mgt-14\/\" target=\"_blank\" rel=\"noopener\">E-form MGT-14<\/a> with ROC for filing of the special resolution.<\/li>\n<li>After the filling of the form MGT-14, File Form MCS-1 with the registrar along with the required attachments.<\/li>\n<li>Registrar will be sending an e-mail to the approval of the application.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Benefits_and_Drawbacks_of_Dormant_Company\"><\/span>Benefits and Drawbacks of Dormant Company<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>The company which registers themselves as Dormant Companies gets an advantage of fewer rules and regulation cost as there are only minimal rules which are applicable to the dormant company.<\/li>\n<li>Dormant Company does not require to include a statement of cash flow in its financial statement.<\/li>\n<li>Dormant Company has to organize two board meetings in a year with a gap of 90 days between them.<\/li>\n<li>There is no need to rotate auditors every 5 years. There is no rule for the auditor rotation.<\/li>\n<\/ul>\n<blockquote><p>Also read: <a href=\"https:\/\/www.legalraasta.com\/blog\/audit-auditors-amendment-rules-2018\/\" target=\"_blank\" rel=\"noopener\">Audit an Auditors Amendment rules 2018<\/a><\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Difference_between_Dormant_and_Defunct_Company\"><\/span>Difference between Dormant and Defunct Company<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>According to Section 455 of the Companies Act, 2013 the name of the company is entered in the register of dormant companies when the company has been inactive (not carrying on any business or operation) for the preceding two financial years.<\/p>\n<p>On the other hand, when the company fails to :<\/p>\n<ul>\n<li>successfully run its business within one year of the company&#8217;s establishment<\/li>\n<li>or company is not carrying any business or operation since the two preceding financial years<\/li>\n<li>has not applied for obtaining the status of a dormant company under section 455<\/li>\n<\/ul>\n<p>then the company is treated as a defunct company and should be made to go on strike off.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In the end, we say that as per the provisions mentioned Registrar of Companies has the power to issue a notice to change the status of the Company. From an Active company to a Dormant company or\u00a0strike off of Companies\u00a0after the trigger of the above-mentioned conditions.<\/p>\n<p>Visit our\u00a0<a href=\"https:\/\/www.legalraasta.com\/\" rel=\"noopener\">LegalRaasta<\/a>\u00a0website and take a look at the wide array of services we can help you out with. LegalRaasta, Simplifying Compliance.<\/p>\n<p>You can also shoot us an email at\u00a0<a href=\"mailto:contact@legalraasta.com\">contact@legalraasta.com<\/a>\u00a0or ring us up at\u00a0<span style=\"color: #000080;\">+91-<\/span><a class=\"fusion-flex-link fusion-bar-highlight\"><span class=\"menu-text\"><span style=\"color: #000080;\">8750008585<\/span>\u00a0for any queries about our services.<\/span><\/a><\/p>\n<blockquote><p>Related posts:<\/p>\n<p><a href=\"https:\/\/www.legalraasta.com\/blog\/startup-india\/\" target=\"_blank\" rel=\"noopener\">Start Up India:Benefits of the Governmentinitiative for startups<\/a><\/p>\n<p><a href=\"https:\/\/www.legalraasta.com\/blog\/company-name-check-search\/\" target=\"_blank\" rel=\"noopener\">How to do company name check<\/a><\/p>\n<p><a href=\"https:\/\/www.legalraasta.com\/blog\/what-is-directors-report\/\" target=\"_blank\" rel=\"noopener\">What is director&#8217;s report<\/a><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Introduction Defunct Company\u00a0is a company which does not have any asset or any liability. The Defunct company that fails to commence business in its first year of establishment. On the 5th of\u00a0\u00a0April 2017, the most awaited procedure of Fast track Exit is activated. Section 248\u00a0of the\u00a0Companies Act 2013 deals with the fast-track exit procedure. Strike Off [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":20519,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[556],"tags":[3421,133,3331,3333,3332,3418,3420,3419,2551,3422,3423,431,2443],"class_list":["post-20507","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-articles","tag-benefits-of-dormant-companies","tag-companies-act-2013","tag-defunct-company","tag-difference-between-dormant-and-defunct-company","tag-dormant-company","tag-extraordinary-board-meeting","tag-fast-track-exit-for-companies","tag-fast-tract-exit","tag-mgt-14","tag-procedure-for-dormancy","tag-process-of-dormancy","tag-roc-compliance","tag-suo-moto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Defunct Company | Dormant Conpany | Overview | LegalRaasta |<\/title>\n<meta name=\"description\" content=\"Defunct company which do not have any asset or any liability. 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