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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Simplified Procedures for Removing Defunct Indian Companies u/s 560: Key Changes to Affidavit, Audited Accounts, and Notices.</h1> The circular addresses the simplification of procedures for removing defunct Indian companies from the register under section 560. The revised process eliminates the need for certain conditions from a previous circular, allowing for an affidavit or indemnity bond from a company director affirming no assets or liabilities. Audited accounts and the latest balance sheet are required, but a 'NIL' balance sheet for past years is not mandatory. The procedure emphasizes expeditious action while ensuring compliance with section 560 requirements, including issuing notices to tax authorities. Prosecution for non-filing of returns is not necessary during this process, with each case evaluated on its merits.
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