TaxTMI 
TaxTMI 
Striking off names of defunct companies - Simplified Exit Scheme, 2005
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....gister of Companies under section 560 of the Companies Act, 1956 through the operation of the Scheme called "Simplified Exit Scheme, 2005" (SES 2005) [The "Scheme"]. In supercession of all earlier circulars and schemes, the Ministry issues the following directions for striking off names of defunct companies from the Register of Companies under section 560 of the Companies Act, 1956. Operation of the scheme 3. The SES 2005 will come into operation on 1-2-2005 and will continue till 31-7-2005. Who can apply? 4. (i) All defunct companies which are registered under the Companies Act, 1956 can apply under this Circular, except section 25 Companies, subject to fulfilment of conditions laid down hereinafter. (ii) More particularly, the following companies are eligible to apply under this Scheme:- (a) Companies that did not carry out any business at any time; (b) Companies that carried out some business activity but discontinued the same thereafter; Provided that in the case of a Non Banking Financial Company (NBFC) as defined under section 45-I(f) of RBI Act, 1934:- (a) if such NBFC is not registere....
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....ring to the procedure laid down in section 558 of the Companies Act, 1956. Affidavit and indemnity 6. (i) The application should be accompanied by an affidavit by the Applicants as mentioned in para 5(1) above sworn before a Magistrate/Executive Magistrate/Oath Commissioner/Notary, to the effect that the company has not carried on any business or the company did some business for a period upto a date (which should be specified) and then discontinued its operations, as the case may be, and has no assets or liabilities. The draft of the Affidavit is as per draft prescribed and enclosed at Annex 'B' to this Circular. (ii) The application should further be accompanied by an Indemnity Bond, duly notarized as per draft prescribed and enclosed in Annex 'C' to this Circular, to the effect that should there be any liabilities on the company, such liabilities will be met in full by the applicants, even after the name of the company is struck off the register of the companies. Such applicants will be liable jointly as well as severally. Accounts 7. (a) In case of companies which have not carried out any operations, business or commercial activity since their incorpo....
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....uld be initiated against eligible companies availing this scheme from the date of filing of the application for simplified exit. After the scheme ends, the Ministry would take necessary penal action under the Companies Act, 1956 against such defunct companies which have not availed of this opportunity and have not complied with the provisions of the Companies Act, 1956 or are not filing documents with ROCs in a timely manner. 10. The applicant company under this scheme would be deemed to be struck off from Register of Companies from the date of issue of Order/Notification by the ROC. 11. An application shall be accompanied with a fee of Rs. 3000. ANNEXURE A APPLICATION FORM FOR STRIKING OFF NAME OF COMPANY UNDER SECTION 560 OF THE COMPANIES ACT, 1956 Affix Affix PP size Photo PP size Photo No. of Company Name of the Company: Address of the Company: To The Registrar of Companies, ..............
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....NBFC* registered/not registered* with SEBI/RBI*. For CIMC/NBFC (6)(a) Ours is a CIMC/NBFC company registered with SEBI/RBI. Our registration number with SEBI/RBI is ________________ and we had Head Office at ____________ and branches at ____________(indicate places of Branch Offices). We have been issued a "No Objection Certificate" by SEBI/RBI* to exit from the Register of Companies. (b) Ours is a CIMC /NBFC company not registered with SEBI/RBI. We declare that we had not commenced business or carried out any business or operations or commercial activity at any time. *Clauses 5 and 6 applicable only in case of an CIMC/NBFC * Strike out whichever is not applicable Yours faithfully, Names and addresses of Applicants 1. Signature 2. Signature Date : ANNEXURE B AFFIDAVIT (to be given individually by applicant) I. Director of ___________________________________ Private/Limited, (hereinafter called "the Company"), incorporated on ___/___/_____ under the Companies Act, 1956 having its Registered Office at __________________and having PAN No : ______________ do solemnly affirm and state as under: &nb....
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....he litigation under Companies Act, 1956 or other Act (specify the name of the Act) pertains to an offence which is compoundable and the compounding application has been filed with the appropriate authority. (A copy of compounding application to be enclosed). 9. I have been authorised to file this application by Board resolution dated _______/. (Copy of resolution is annexed). 10. That an application is hereby filed for action under section 560 of the Companies Act, 1956, before the Registrar of Companies with necessary fees and required Financial Statement/Statement of Account/declaration* signed by me. * Strike out whichever is not applicable. 11. In case of any loss(es) to any person or any valid claim arising from any person after the striking off of the name of the Company from the Register of Companies, ___________, I the applicant, undertake to indemnify any person for such losses and the indemnity bond to this effect is enclosed and submitted. I solemnly state that the contents of this affidavit are true to the best of my knowledge and belief and that it conceals nothi....
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....anies under section 560 of the Companies Act, 1956. *Strike out whichever is not applicable. 2. I do hereby undertake and indemnify in writing: (a) to pay and settle all lawful claims arising in future after the striking off the name of the Company. (b) to indemnify any person for any losses that may arise pursuant to striking off the name of the Company. (c) to settle all lawful claims and liabilities which have not come to our notice upto this stage, even after the name of the Company has been struck off in terms of section 560 of the Companies Act, 1956. Signature: 1 Name: Date: WITNESSES : 1. Signature Name: Father's name: Address: Occupation: 2. Name: Signature Father's name: Address: ACCEPTED Occupation: Registrar of Companies Annexure D Statement of Account [Para 7(b) of circular] Name of the Company: Year to which the Statement of Account pertains: Part A Particulars : Figures a....