Director indemnity under Simplified Exit Scheme clarified; only zero asset companies qualify and magistrate sworn affidavits required. Only companies with zero assets and zero liabilities qualify for the Simplified Exit Scheme; applications filed up to the scheme's last date will be processed. ROCs will publish applicant lists monthly and the Central Government will bear advertising costs; ROCs must notify IBA and financial institutions simultaneously. Applications require affidavits sworn before a magistrate, director signatures (minimum two), and an indemnity bond making directors personally responsible for subsequently discovered liabilities, subject to ordinary limitation laws.
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Provisions expressly mentioned in the judgment/order text.
Director indemnity under Simplified Exit Scheme clarified; only zero asset companies qualify and magistrate sworn affidavits required.
Only companies with zero assets and zero liabilities qualify for the Simplified Exit Scheme; applications filed up to the scheme's last date will be processed. ROCs will publish applicant lists monthly and the Central Government will bear advertising costs; ROCs must notify IBA and financial institutions simultaneously. Applications require affidavits sworn before a magistrate, director signatures (minimum two), and an indemnity bond making directors personally responsible for subsequently discovered liabilities, subject to ordinary limitation laws.
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