Closure of a Private limited Company
If the company owners or directors decide to discontinue or wind up the business, they may consider for the options of the closure. Most feasible or easiest way to close a company is striking off its name from Register of Companies. This is preferable when a company is inoperative for a certain period. Other options include a winding-up petition, however that involves more time, investment and compliance.
On approval of the strike off, the company’s name is removed from the register and thus, it is not existent in the eyes of laws. The company must fulfill all the compliance before proceeding for the strike-off application. The application is accompanied by various documents and requires assistance from the professional.
Reasons why formal closure as per law is advisable -
1) Proper private limited company closure frees the entrepreneur from maintaining regulatory compliance. This saves the entrepreneur money, time, other resources, dependence on experts and the exposure to penalties for noncompliance.
2) If private limited company closure is done through the proper process, the closure is recorded and becomes official. It liberates the Directors of any further obligations. The Directors are now free to start a new company, LLP or any other kind of business without any hindrance.
3) Private limited company closure done properly helps free the company and its Directors of any uncertainty in liabilities.
Restriction on Making Application u/s 248(2) The companies making an application for voluntarily strike off under section 248(2) of the Companies Act, 2013 be restricted if, at any time in the previous 3 months, the company-
1. Has Changed its name or shifted its registered office from one State to another;
2. Has made a disposal for value of property or rights held by it, immediately before Cesar of trade or otherwise carrying on of business, for the purpose of disposal for gain in the normal course of trading or otherwise carrying on of business;
3. Has engaged in any other activity except the one which is necessary or expedient for the purpose of making an application under that section, or deciding whether to do so or concluding the affairs of the company, or complying with any statutory requirement;
4. Has made an application to the Tribunal for the sanctioning of a Compromise Or Arrangement and the matter has not been finally concluded; or
5. Is being wound up under Chapter XX, whether voluntarily or by the Tribunal or under the IBC, 2016.
Companies which can’t voluntarily strike off u/s 248(2)
1) Listed companies
2) Companies that have been delisted due to non-compliance of listing regulations or listing agreement or any other statutory laws
3) vanishing companies
4) Companies where inspection or investigation is ordered and being carried out or actions on such order are yet to be taken up or were completed but prosecutions arising out of such inspection or investigation are pending in the Court
6) Companies against which any prosecution for an offence is pending in any court
7) Companies whose application for compounding is pending before the competent authority for compounding the offences committed by the company or any of its officers in default
8) Companies, which have accepted public deposits which are either outstanding or the company is in default in repayment of the same
9) Companies having charges which are pending for satisfaction
10) Companies registered under section 8 of the Act.
How S.K. Agrawal & Co. Helps in Closure of Private Limited Company?
With S.K. Agrawal & Co., you can close your Company seamlessly. You can close your Company, in just 4 simple steps:
Step 1: Confirmation Mail Acceptance of our Proposal
Send confirmation mail at our email id regarding acceptance of our Proposal for Closure of your Company. You can request a callback or directly call to our expert on phone number provided at our website. Our experts will contact you and clear all your queries.
Step 2: Send the Documents on our Email Id
Send below-mentioned documents on our email Id to close your company:
- Passport size photos of directors
- PAN Card or Passport in case of NRIs and Foreign National
- Address proof of directors
- Specimen signature
- Self-declaration about your directorship in other Companies/LLP
- Rent agreement of your registered office
- No objection certificate from the owner of the property of the property
- Any other document/information required for conversion
The Closure of Company from S.K. Agrawal & Co. is completely online and thus, you can save time and money as you need not have to visit our office. If you want to visit to our office you are most welcome.
Step 3: Document Verification by our Expert Team and Signature of Documents
Our expert team will verify the documents uploaded by you. You will need to attest your signature on the documents.
Step 4: Our Experts Team will File Forms on the MCA portal to Close your Company
Our experts team will file the below e-forms on your behalf on the MCA portal.
After the company forms are filed on the MCA portal, the Registrar of Companies (ROC) and the respective departments will verify the forms submitted by our expert team. The verification process takes some time (subject to departmental approval and reverts from the respective departments).
Our expert team will follow up with the respective authorities till you receive the Closure Certificate. After the verification process is complete, you will receive the Closure Certificate of Company.
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