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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Ministry Revises Easy Exit Scheme: Defunct Companies Can Apply Despite Pending Prosecutions if Compounding Applications are Filed.</h1> The Ministry of Corporate Affairs has revised the procedures for the Easy Exit Scheme (EES), 2011, under the Companies Act, 1956. Applications for striking off defunct companies can now be accepted if pending prosecutions are for non-filing of annual returns and balance sheets, provided compounding applications are filed. Companies with assets and liabilities must manage these according to existing laws. Applications must include certifications from practicing professionals confirming the current directors, without the need for filing Form 32. Foreign nationals and NRIs must notarize indemnity bonds and affidavits according to their country's laws.
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