With a view to providing an easy exit to defunct Companies that are desirous of getting their name struck off from the
records of the ROC, the Ministry of Corporate Affairs has come out with an Easy Exit Scheme, 2010 vide its General Circular No. 2 /2010 dated May 26, 2010.
“Defunct company” means a company registered under the Companies Act,
1956 which:
- is not carrying over any business activity or operation on or after 1st April, 2008
- Has not raised its paid up capital as provided in sub sections (3) and (4) of section 3 of the Companies
Act,1956;
Highlights of the Scheme:
- Applicable on Defunct Companies which have active status or Defunct Government companies which can submit 'No Objection Certificate' from the relevant Ministry;
- Not applicable on -
- Listed companies,
- Section 25 companies,
- Vanishing companies,
- Companies where inspection/
investigation is ordered,
- Companies against which
prosecution is pending in court,
- Companies having pending dues towards income tax or sales tax or central excise or banks and financial institutions or any other Central Government or State Government Departments or authorities or any local authorities;
- The scheme opens on 30-05-2010 and closes on 31-08-2010
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