TaxTMI 
TaxTMI 
Guidelines for Fast Track Exit mode for defunct companies under section 560 of the Companies Act, 1956
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....led along with e-form 61. 3. In order to give an opportunity for fast track exit by a defunct company, for getting its name struck off from the register of companies, the Ministry has decided to modify the existing route through e-form - 61 and has prescribed the new Guidelines. The Guidelines for "Fast Track Exit mode" for defunct companies under section 560 of the Companies Act, 1956 are enclosed herewith. 4. These Guidelines will be implemented w.e.f. 3rd July, 2011. Yours faithfully, -Sd/- (Monika Gupta) Assistant Director Encl: As above Guidelines for Fast Track Exit mode for defunct companies under section 560 of the Companies Act, 1956 1. For Fast Track Exit mode (FTE), it is stated as under:- (a) Any company will be called as "defunct company" for the purpose of these guidelines, which has nil asset and liability and (i) has not commenced any business activity or operation since incorporation; or (ii) is not carrying over any business activity or operation for last one year before making application under FTE. (b) Any defunct company which has active status or identified as dormant by the Ministry of Corporate Affairs, may apply for getting its name strike ....
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.... portal namely www.mca.gov.in accompanied by filing fee of Rs. 5,000; (g) In case, the application in Form FTE, is not being digitally signed by any of the director or Manager or Secretary, a physical copy of the Form duly filled in, shall be signed manually by a director authorised by the Board of Directors of the company and shall be attached with the application Form at the time of its filing electronically; (h) In all cases, the Form FTE, shall be certified by a Chartered Accountant in whole time practice or Company Secretary in whole time practice or Cost Accountant in whole time practice; (i) In case, the applicant name is not available in the database of directors maintained by the Ministry, the application shall be accompanied by certificate from a Chartered Accountant in whole time practice or Company Secretary in whole time practice or Cost Accountant in whole time practice along with their membership number, certifying that the applicants are present directors of the company. In such cases, the applicants shall not be asked to file Form 32 and Form DIN 3; (j) The company shall disclose pending litigations if any, involving the company while applying under FTE; ....
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....s time, stating that unless cause is shown to the contrary, its name be struck off from the Register and the company will be dissolved; (b) The Registrar of companies shall put the name of applicant(s) and date of making the application(s) under fast track exit mode, on daily basis, on the MCA portal www.mca.gov.in, giving thirty days time for raising objection, if any, by the stakeholders to the concerned Registrar; (c) In case of company(s) like Non-Banking Financial Company(s), Collective Investment Management Company(s) which are regulated by other Regulator(s) namely RBI, SEBI, the Registrar of Companies, at the end of every week, shall send intimation of such companies availing fast track exit mode during that period to the concerned Regulator(s) and also an intimation in respect of all companies availing fast track exit mode during that period to the office of the Income Tax Department giving thirty days time for their objection, if any; Explanation (1) "Non-Banking Financial Company" means a company as defined under clause (f) of section 45-I of the Reserve Bank of India Act, 1934 (2) "Collective Investment Management Company" means the company as defined in clause (h....
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.... documentary evidence duly attested by a Gazetted Officer or a whole time practising professional (Chartered Accountant/ Company Secretary/Cost Accountant) or a Company Secretary in full time employment of the company is enclosed. Alternatively, an affidavit sworn before Magistrate may be enclosed) 5. The company does not maintain any bank account as on date. 6. I affirm that the Company …………………. (mention name of the company) do not have any assets and liabilities as on date. 7. The Company has been inoperative from the date of its incorporation / The company commenced business/operations/commercial activity after incorporation but has been inoperative for the past ……………………….. year(s) due to following reasons*. …………………………….. (Give the reasons here) 8. As on date, the Company does not have any dues towards Income Tax / Sales Tax / Central Excise/ Banks and Financial Institutions; any other Central or State Government Departments/Authorities or any Local Authorities. 9. Strike out whichever....
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....llip;………….. Private/ Limited have nil assets and liabilities as on date. 4. Further, the Company has been inoperative from the date of its incorporation. / The company commenced business/operations/commercial activity after incorporation but has been inoperative for the past …………………….. year(s)*. And the company is not intending to do any business or commercial activity. Thus the Company is defunct and I request the Registrar of Companies, ………………….. to strike off the name of the Company from the Register of Companies under Section 560 of the Companies Act, 1956. *Strike out whichever is not applicable. 5. I /We do hereby undertake and indemnify in writing: (a) 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 up to this stage, even after the name of the Company has been struck off in terms of section 560 of the....