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of <h1>Fast Track Exit Guidelines for Defunct Companies u/s 560: Apply for Removal from Register if Inactive or Asset-Free.</h1> The circular outlines the guidelines for the Fast Track Exit (FTE) mode for defunct companies under Section 560 of the Companies Act, 1956. It allows companies with no assets or liabilities that have not commenced business since incorporation or have been inactive for a year to apply for removal from the Register of Companies. The application process involves submitting Form FTE with a fee, affidavits, indemnity bonds, and a statement of account. Certain companies, such as listed companies, those with pending investigations, or those with outstanding dues, are excluded from this process. The guidelines take effect from July 3, 2011.
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