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This article shall discover the striking-off process for a Private Limited Company.
What is Strike Off Pvt. Ltd Company?
The process of removing a company’s name from the official register is known as Strike Off Pvt. Ltd Company. This ensures that the business is dissolved and no longer has legal obligations.
Eligibility for Strike-Off Private Limited Company
- A company can apply for a strike-off if:
- It has not started operations within one year of registration
- It has not been active for two consecutive years.
- It has no outstanding liabilities (loans, taxes, or dues).
Documents Needed to Strike Off a Pvt. Ltd Company
- Board Resolution: Approval from directors.
- Shareholders' Consent: 75% approval required.
- Indemnity Bond (STK-3): Signed by directors.
- Affidavit (STK-4): Confirms no pending dues.
- Financial Statement: Latest report from a CA.
- NOC from Creditors: If applicable.
- PAN Card & Bank Closure Proof: For verification.
- ID & Address Proof of Directors: Aadhar, PAN, etc.
Step-by-Step Process to Strike Off a Pvt. Ltd Company
Step 1: Board Resolution
- Hold a Board Meeting and pass a resolution for striking off the company.
- Get approval from shareholders through a special resolution.
Step 2: Settle Liabilities
- Clear all pending loans, taxes, and employee dues before applying.
- Obtain a NOC from creditors, if applicable
Step 3: File Form STK-2
- Submit Form STK-2 to the Registrar of Companies (ROC) along with the required documents.
- Documents include PAN cards, financial statements, indemnity bonds, and affidavits from directors.
Step 4: ROC Verification
- The ROC reviews the application and checks if the company meets the eligibility criteria.
- If there are any discrepancies, the ROC may ask for additional documents.
Step 5: Public Notice
- The ROC issues a public notice in the Official Gazette for objections, if any.
- If no objections are raised within 30 days, the company proceeds to be struck off.
Step 6: Final Strike Off
- If everything remains in order, then the ROC removes the company's name from the register.
- A dissolution certificate is issued, confirming the strike-off.
Important Points to Remember
- Directors must ensure compliance with all financial and legal obligations.
- Strike-off does not eliminate liabilities if found later by authorities.
- If the company wishes to restart operations, revival is possible through an appeal.
Conclusion
Strike Off Pvt. Ltd Company is a simple and cost-effective way to close a business legally. Business owners should carefully assess their financial status and complete all formalities before proceeding with the strike-off.