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Public limited company is also known as PLC which is public company, which means that its shares are traded with the public and PLC is a limited company. Minimum 3 Directors are required for PLC. A Public Limited Company may be closed voluntarily or by the order of the court.
REQUEIREMENTS FOR CLOSING PUBLIC LIMITED COMPANY
1)Voluntary closing of Private Limited Company That is possible if the Company and its shareholders chose to liquidate the company because it cannot pay debts. Or if a Company is paying its debts but its members want to close it.
2)Compulsory closing of Private Limited Company- When the Company is unable to pay its debts When Tribunal orders to shut the company or orders for the company closure When company has not filed any annual compliance, financial statements etc. When the Company acted against sovereignty or integrity of the state. Or if the company has been conducted in fraudulent manner or is guilty of fraud or misconduct.
PROCEDURE FOR PUBLIC LIMITED COMPANY CLOSURE
Dissolution of a Public Limited Company consists of Three main stages.
1)Dissolution Resolution- For dissolution of the company at least 2/3rd of the shareholders must adopt the resolution. The manager must submit an application to the Registrar of Companies along with resolution of dissolution in the general meeting of the company.
2)Liquidation- Liquidation of a Company involves following steps- -Liquidator is appointed by the company, and he is either members of the company or separate liquidator is being appointed, who will submit the resolution to the Registrar.
-Publication of a notice of appointment of a Liquidator, specifying the creditors.
-Submit annual report and opening Balance sheet to the Registrar upon liquidation.
-Preparing final balance sheet and submitting or distributing remaining assets as per the plan of the liquidator. The assets may be passed after six months of its closure but resolution for its distribution has to be submitted before.
3) Deletion from commercial register- after the company has been liquidated as required, the company management board has to submit an application to the Registrar for the deletion of the company from its Commercial register. This can be done after minimum of six months.
Liquidation of a Public Limited company is a lengthy and time consuming process which takes at least 6 months for its liquidation.
Winding up of a Public Limited company
FAQ
Common List Of Questioner That Our Customer Ask From Us -Solved !
Procedure for Public Limited Company closure ?
Dissolution of a Public Limited Company consists of Three main stages.
1)Dissolution Resolution- For dissolution of the company at least 2/3rd of the shareholders must adopt the resolution. The manager must submit an application to the Registrar of Companies along with resolution of dissolution in the general meeting of the company.
2)Liquidation- Liquidation of a Company involves following steps-
-Liquidator is appointed by the company, and he is either members of the company or separate liquidator is being appointed, who will submit the resolution to the Registrar.
-Publication of a notice of appointment of a Liquidator, specifying the creditors.
-Submit annual report and opening Balance sheet to the Registrar upon liquidation.
-Preparing final balance sheet and submitting or distributing remaining assets as per the plan of the liquidator. The assets may be passed after six months of its closure but resolution for its distribution has to be submitted before.
3. Deletion from commercial register- after the company has been liquidated as required, the company management board has to submit an application to the Registrar for the deletion of the company from its Commercial register. This can be done after minimum of six months. Liquidation of a Public Limited company is a lengthy and time consuming process which takes at least 6 months for its liquidation.
1)Dissolution Resolution- For dissolution of the company at least 2/3rd of the shareholders must adopt the resolution. The manager must submit an application to the Registrar of Companies along with resolution of dissolution in the general meeting of the company.
2)Liquidation- Liquidation of a Company involves following steps-
-Liquidator is appointed by the company, and he is either members of the company or separate liquidator is being appointed, who will submit the resolution to the Registrar.
-Publication of a notice of appointment of a Liquidator, specifying the creditors.
-Submit annual report and opening Balance sheet to the Registrar upon liquidation.
-Preparing final balance sheet and submitting or distributing remaining assets as per the plan of the liquidator. The assets may be passed after six months of its closure but resolution for its distribution has to be submitted before.
3. Deletion from commercial register- after the company has been liquidated as required, the company management board has to submit an application to the Registrar for the deletion of the company from its Commercial register. This can be done after minimum of six months. Liquidation of a Public Limited company is a lengthy and time consuming process which takes at least 6 months for its liquidation.
How long does the Public Limited Company takes?
It takes approximately six months to close a Public Limited Company.
How many shareholders approval are required to proceed with the application of dissolution?
A minimum of 2/3rd of the minimum shareholders must adopt the resolution of the company.
