Business Plan - Venture Care Closing a ltd company Guide on Fast Track Exit

On this guide, we are going to touch the following topics-
Introduction for Fast Track Exit Scheme
Who shall opt for Fast Track Exit Scheme
Consequences of not opting for FAST TRACK EXIT SCHEME
Which company is ineligible for filing under Fast Track Exit Scheme
Which Company is eligible for filing under Fast Track Exit Scheme
Procedure to be FOLLOWED FOR FAST TRACK EXIT SCHEME
closing a ltd company
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How to close a limited company:
Procedure for winding up a limited
company
INTRODUCTION OF FAST TRACK EXIT SCHEME:
It is a fast process to close a company without adopting a lengthy procedure
for company closure by passing a special resolution, applying to high court, appointment of
liquidator and so on which may take not less than six months and also it is a very expensive
process which is not affordable to small companies and sick companies.The Ministry has
issued Guidelines for Fast Track Exit Mode to give the opportunity to the defunct
companies to get their names struck off from the register under section 560 of the
Companies Act, 1956.
As no separate procedure is given by newly introduced Companies Act, 2013 and the
circular issued in the year 2011 under Companies Act, 1956 is still in force for the closure
of the company.
THE MOST IMPORTANT BENEFITS OF FAST TRACK EXIT SCHEME ARE AS BELOW:
1. The inoperative Companies which are not generating any revenue nor complying with
its annual filing, have got a new option to close company without paying huge
additional fees.
2. It is a short process in which company can be closed without huge documentation.
3. It is a time-saving
WHO SHALL OPT FOR FAST TRACK EXIT SCHEME:
The small companies which are
Inoperative
Not complying with any annual or other filings with Registrar of Companies
Operating in loss and lost hope of making profit
The company does not have any object or continue with it
Shall apply to Registrar of Companies for the closure of the company.
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CONSEQUENCES OF NOT OPTING FOR FAST TRACK EXIT SCHEME: