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How do you dissolve a private limited company, ? (Business Law)

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This query is : Resolved


Author : Anonymous

Posted On 07 March 2010 at 17:56

How do you dissolve a private limited company, we are investing in stock market and mutual fund, ?
directors wants to retire and there is balance in the company and very small trading is going on ?




Expert : Parveen Kr. Aggarwal

Posted On 07 March 2010 at 18:37

A private limited company can be wound up in accordance with the provisions of the Companies Act, 1956.



Expert : A V Vishal

Posted On 07 March 2010 at 18:45

WINDING UP OF THE COMPANY UNDER SECTION 560 OF THE COMPANIES ACT, 1956.

A Company can be wound up under section 560 of the Companies Act, 1956. For this, the Company should be defunct company i.e. a dormant company with NIL Assets and NIL Liabilities i.e. all the assets should be disposed off and all liabilities should be cleared.

For this purpose, the Company should prepare audited Accounts for the period ending not later than 30 days from filing the winding up application. Said accounts should show NIL Assets and NIL Liabilities.

Documents to be submitted to ROC:
An application signed by minimum 2 Directors in case of Pvt. Ltd. And 3 Directors in case of Public Ltd. (preferably by all the Directors of the Company) (Annexure A);
Indemnity Bond signed by minimum 2 Directors in case of Pvt. Ltd. And 3 Directors in case of Public Ltd. (preferably by all the Directors of the Company) and Notarised (Annexure B);
Affidavit signed by minimum 2 Directors in case of Pvt. Ltd. And 3 Directors in case of Public Ltd. (preferably by all the Directors of the Company) and Notarised (Annexure C);
Signed copy of latest audited Balance Sheet showing NIL assets and NIL liabilities; and
Certified copy of Board Resolution (Annexure D).

After the Registrar is satisfied that the Company is defunct and has no assets and liabilities, he will issue notice to the Company for striking off the name from the register giving some time to withdraw the application, if required.

After the expiry of the time limit, he will issue notice thereby striking off the name of the Company from the Register maintained by him and will send the same to publish in the Official Gazette. Once the said notice is published in the Official Gazette, the Company stands struck off from the Register.



Expert : B K Raghavendra Rao

Posted On 07 March 2010 at 18:54

A private limited company is wound up in accordance with the provisions contained in the Companies Act as already said by experts above. Sri Vishal has explained the relevant sections.

If there are assets and liabilities then a liquidator shall be appointed and proceedings supervised by the High Court.



Expert : Member (Account Deleted)

Posted On 07 March 2010 at 19:48

A private limited company can be wound up in accordance with the provisions of the Companies Act, 1956.as opined by learned experts.



Expert : raj kumar makkad

Posted On 07 March 2010 at 23:15

I do agree with vishal.


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