{"id":344,"date":"2018-09-16T12:36:27","date_gmt":"2018-09-16T12:36:27","guid":{"rendered":"http:\/\/www.biatconsultant.com\/blog\/?p=344"},"modified":"2018-09-16T12:38:19","modified_gmt":"2018-09-16T12:38:19","slug":"procedure-to-close-an-inactive-company-in-india","status":"publish","type":"post","link":"https:\/\/www.biatconsultant.com\/blog\/procedure-to-close-an-inactive-company-in-india\/","title":{"rendered":"Procedure to close an inactive Company In India"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">If you are running the business then you are definetly aware with the risks that are involved with the <a href=\"https:\/\/www.biatconsultant.com\/company-registration-india\">Company<\/a>, and there are times when you need to close your Company because of several reasons like if any Fraudulent activity is happening within the premises. However if you are thinking of closing the company then there are 4 ways by which \u00a0you can do so and they are as follows:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Compulsory winding Up of the Company<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Voluntary Company<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Selling the Company<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Defunct Company Closing<\/span><\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<p><b>Ways to wind up a<a href=\"https:\/\/www.biatconsultant.com\/company-registration-india\"> Private Limited Company<\/a><\/b><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li><b>Compulsory winding Up the Company- \u00a0<span style=\"font-weight: 400;\">If there is some Fraudulent activity going on in a company, then Tribunal asks the company for its closure and for closure following are the procedures:<\/span><\/b><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Firstly petition is to be filed by the Central or State Government or registrar of Companies, Company, Trade creditor.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Then this Petition is attached together with the statement of affair of the Company.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Then Form 11 is to be filled by the Company and the Company will have to surrender its assets, submitted all the audited books up to the date when company did their last transaction.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Provide the date, time and place for the liquidator of the Company.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">If everything is in order then company will get dissolved in 60 days.<\/span><\/li>\n<\/ul>\n<ol start=\"2\">\n<li><span style=\"font-weight: 400;\"> \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><b> \u00a0Voluntary Closing- \u00a0<\/b><span style=\"font-weight: 400;\">Now if your company is not making any profit and you want to close it down then you there is list of compliances that you need to follow and they are as follows:-<\/span><\/li>\n<\/ol>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"> \u00a0All the Directors should agree for the closure of the company.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A special resolution is need to be passed where 3\/4th of the Directors needs to be agree.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Trade creditors should also agree with the same and for that insolvency declaration has to be made by the Company.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Then finally a liquidator is appointed to see that all your assets, liabilities and capital reserves are reported properly.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"> \u00a0\u00a0<\/span><\/p>\n<ol start=\"3\">\n<li><span style=\"font-weight: 400;\"> \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><b> \u00a0Selling the Company- \u00a0<\/b><span style=\"font-weight: 400;\">This is another way for closing of the Company i.e. if any company has transferred majority of its share to someone else, and by doing this stakes of the company is transferred to someone else.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><b> \u00a0Closing a Defunct Company- \u00a0<\/b><span style=\"font-weight: 400;\">A Defunct Company gets the status of the Dormant Company. This Company can be closed down using a fast track process. This can be done by filing of the form STK-2. <\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\"> Firstly form has to be filled and submitted to the Registrar of Companies. However the Defunct Company should be without any liability, they should not be having any business after incorporation of the company, and have not functioning one year prior to filing the Application of Fast Track Scheme.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you are running the business then you are definetly aware with the risks that are involved with the Company, and there are times when you need to close your Company because of several reasons like if any Fraudulent activity is happening within the premises. However if you are thinking of closing the company then &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.biatconsultant.com\/blog\/procedure-to-close-an-inactive-company-in-india\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Procedure to close an inactive Company In India&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":345,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[118],"tags":[119,120,122,121,123],"class_list":["post-344","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-management","tag-how-to-close-an-inactive-company-in-india","tag-procedure-to-close-an-inactive-company-in-india","tag-procedure-to-close-company-in-india","tag-process-to-close-company-in-india","tag-process-to-close-company-india"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>process to close inactive company in india<\/title>\n<meta name=\"description\" content=\"Want to close an inactive company in India ? 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