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TMI BlogSimplified Exit Scheme - Clarifications on some issuesX X X X Extracts X X X X X X X X Extracts X X X X ..... te sector, clarifications/amplifications on certain issues have been sought for effective implementation of the scheme. These issues have been examined in the Department and clarifications are given in Question-Answer format in the annexed Statement. Kindly acknowledge the receipt of this circular. Yours faithfully, Encl: As above (N.K. Vig) Under Secretary to the Government of India (Ph: 23387174) Clarifications on Simplified Exit Scheme, 2003 Issue No: 1: How will companies that have some minimal assets, such as cash balance, take advantage of the scheme? (para 9(ii) of the scheme). Clarification: Assets and liabilities should be zero. Issue No: 2: How often will the ROC publish the li ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r. (Affidavit - Annexure 'B') Clarification:. Then, in his/her affidavit a paragraph has to be added stating that he/she has not been assigned a PAN number by the Income Tax Department. Issue No: 8: Is NOC required from tax authorities/banks? (para 5 of the Affidavit - Annexure B) Clarification:. If the affidavit clearly states that there are no tax liabilities, and the indemnity bond clearly states that the directors will be responsible for any liabilities discovered or assigned subsequently, then no NOC is required. Issue No: 9: Why does the indemnity bond have a column for worth of assets, when only zero asset companies are eligible for the scheme? (Indemnity Bond- Annexure 'C') Clarification:. This was a p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ade under the scheme itself. Companies have the option of withdrawing their regular section 560 application and applying under the SES. Issue No: 13: Whether company should draw a separate balance sheet for the year ending 31st March, 2002/2003 wherever they do not have uniform financial year. Clarification:. The intent of giving the date 31st March is to indicate end of financial year. If some companies' financial year ends in any other month, then naturally that cut off date will apply. In fact, the balance sheet to be filed with the scheme can be for a period after the close of the financial year also. For example, financial year of a company may have ended on March 31st, 2003. Yet, if the application is being filed, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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