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TMI BlogGuidelines for Fast Track Exit mode for defunct companies under section 560 of the Companies Act, 1956X X X X Extracts X X X X X X X X Extracts X X X X ..... m 61. All pending statutory returns are required to be filed along with e-form 61. 3. In order to give an opportunity for fast track exit by a defunct company, for getting its name struck off from the register of companies, the Ministry has decided to modify the existing route through e-form 61 and has prescribed the new Guidelines. The Guidelines for "Fast Track Exit mode" for defunct companies under section 560 of the Companies Act, 1956 are enclosed herewith. 4. These Guidelines will be implemented w.e.f. 3rd July, 2011. Yours faithfully, -Sd/- (Monika Gupta) Assistant Director Encl: As above Guidelines for Fast Track Exit mode for defunct companies under section 560 of the Companies Act, 1956 1. For Fast Track Exit mode (FTE), it is stated as under:- ( a ) Any company will be called as "defunct company" for the purpose of these guidelines, which has nil asset and liability and ( i ) has not commenced any business activity or operation since incorporation; or ( ii ) is not carrying over any business activity or operation for last one year before making application under FTE. ( b ) Any defun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s notified with the Registrar of Companies or Stock Exchange and none of its Directors are traceable. ( f ) Any defunct company desirous of getting its name strike off the Register under section 560 of the Companies Act, 1956 shall make an application in the Form FTE, annexed electronically on the Ministry of Corporate Affairs portal namely www.mca.gov.in accompanied by filing fee of Rs. 5,000; ( g ) In case, the application in Form FTE, is not being digitally signed by any of the director or Manager or Secretary, a physical copy of the Form duly filled in, shall be signed manually by a director authorised by the Board of Directors of the company and shall be attached with the application Form at the time of its filing electronically; ( h ) In all cases, the Form FTE, shall be certified by a Chartered Accountant in whole time practice or Company Secretary in whole time practice or Cost Accountant in whole time practice; ( i ) In case, the applicant name is not available in the database of directors maintained by the Ministry, the application shall be accompanied by certificate from a Chartered Accountant in whole time practice or Company Secretar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me and other details of the directors and also to sign the said documents before filing. 2. Procedure to be adopted by Registrar of Companies in this matter:- ( a ) The Registrar of Companies, on receipt of the application, shall examine the same and if found in order, shall give a notice to the company under section 560(3) of the Companies Act, 1956 by e-mail on its e-mail address intimated in the Form, giving thirty days time, stating that unless cause is shown to the contrary, its name be struck off from the Register and the company will be dissolved; ( b ) The Registrar of companies shall put the name of applicant(s) and date of making the application(s) under fast track exit mode, on daily basis, on the MCA portal www.mca.gov.in, giving thirty days time for raising objection, if any, by the stakeholders to the concerned Registrar; ( c ) In case of company(s) like Non-Banking Financial Company(s), Collective Investment Management Company(s) which are regulated by other Regulator(s) namely RBI, SEBI, the Registrar of Companies, at the end of every week, shall send intimation of such companies availing fast track exit mode during that period to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any Secretary in full time employment of the company is enclosed. Alternatively, an affidavit sworn before Magistrate may be enclosed) 5. The company does not maintain any bank account as on date. 6. I affirm that the Company . (mention name of the company) do not have any assets and liabilities as on date. 7. The Company has been inoperative from the date of its incorporation / The company commenced business/operations/commercial activity after incorporation but has been inoperative for the past .. year(s) due to following reasons*. .. (Give the reasons here) 8. As on date, the Company does not have any dues towards Income Tax / Sales Tax / Central Excise/ Banks and Financial Institutions; any other Central or State Government Departments/Authorities or any Local Authorities. 9. Strike out whichever is not applicable:- ( i ) There is no litigation pending against or involving the company. ( ii ) There are litigations pending against the company, details of which are men ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o striking off the name of the Company. ( c ) to settle all lawful claims and liabilities which have not come to our notice up to this stage, even after the name of the Company has been struck off in terms of section 560 of the Companies Act, 1956. Place: (Name, Father's name, Address Signature) Date: (To be given by every director) WITNESSES: 1. Signature: Name: Father's name: Address: Occupation: 2. Signature: Name: Father's name: Address: Occupation: Annexure -C Statement of Account Name of the Company: CIN No. Statement of Account as on date: : Particulars : (Brief break up in respect of each item needs to be given). Amount (Rs.) I. Sources of Funds (1) Capital (2) Reserves Surplus (including balance in Profit and Loss Account) (3) Loan Funds Secured loans from Financial Institutions ..... X X X X Extracts X X X X X X X X Extracts X X X X
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