There
are many companies that are incorporated under Companies Act 2013 and
consequently it is mandatory to follow its legal compliances as well. But there
are times when business becomes inoperative or defunct during the course of
running such business due to one or the other reason or has been inoperative
since its incorporation. Non-fulfilment of legal compliances within the time
prescribed attracts numerous fines and penalties, including prohibition imposed
on the directors from starting another company.
It
is preferable to close or wind up such company to ensure both cost and time
saving by following certain set of legal procedures as prescribed by The
Ministry of Corporate Affairs. In order to ease such complex procedure of
winding up of company, Ministry has decided to modify the existing route by
launching ‘Fast Track Exit (FTE) mode’ for easy closure of Private Limited or
One Person company with less legal formalities.
It
usually takes 25 to 30 days to wind up an inoperative/defunct company and get
its name struck off from Register of Companies maintained by Registrar of
Companies. However a dormant company get easily and quickly wound up under the
above mentioned scheme. If company has some pending litigations then it shall
disclose such litigations first while applying under FTE.
Some
recent updates that you would not like to miss –
1. No SSI exemption shall be given even when assessee is using third
party brand name to manufacture own goods.
2. Provision
of facilities by a club, association, society or any such body to
its members shall be treated as supply, as it is included in the
definition of ‘business’.
3. ‘Input Service Distributor’ can distribute
SGST and IGST credit for the units located in same State.
4. Form 49A (PAN) and 49B (TAN) needs to be
digitally signed by the same director who has affixed digital signature in
Form SPICe (INC-32) while registering your Company.
Have
a great day ahead!
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