Corporate law

JEGADEESAN (Querist) 02 April 2012 This query is : Resolved
Sir,
I wish to clarify a doubt regarding Company closure Under FTE scheme.
i.e. A company has positive figure in its Profit & Loss Ledger after settle the liabilities excluding Share capital
Not its Statement of Account is like
Share Capital(Cr) 1500000
Profit & Loss(Cr) 2500000
Cash(Dr.) Rs.4000000
Now it wants to winding up.IS it possible under FTE?
Further it can repay the share capital along with profit?
Regards,
S.Jegadeesan

Follow Query

Report Abuse

A V Vishal (Expert) 02 April 2012
Yes the company can be wound up under FTE

Shonee Kapoor (Expert) 03 April 2012
Rightly said.

Regards,

Shonee Kapoor
harassed.by.498a@gmail.com

Raj Kumar Makkad (Expert) 03 April 2012
Petition can be moved up seeking winding up of the company in the given facts under FTE.

JEGADEESAN (Querist) 03 April 2012
Dear Sir,
Thanks for your reply.Further I wiush to clarify whether that company repay the share capital with profit to the share holders.
If it is possible, it's balance sheet will be Nil .Is it legally valid?

i.e. Sources of Funds & application of Funds will be Nil.
Pl confirm whether it is valid or not

S.Jegadeesan

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now