TaxTMI 
TaxTMI 
Guidelines for Fast Track Exit mode for defunct companies under section 560 of the Companies Act, 1956
X X X X Extracts X X X X
X X X X Extracts X X X X
....orm 61. All pending statutory returns are required to be filed 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 carryin....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... management dispute; (xi) company in respect of which filing of documents have been stayed by court or Company Law Board (CLB) or Central Government or any other competent authority; (xii) company having dues towards income tax or sales tax or central excise or banks and financial institutions or any other Central Government or State Government Departments or authorities or any local authorities. Explanation: "vanishing company" means a company, registered under the Companies Act, 1956 and listed with Stock Exchange which, has failed to file its returns with Registrar of Companies and Stock Exchange for a consecutive period of two years, and is not maintaining its registered office at the address notified with the Registrar of Companies or Stock Exchange and none of its Directors are traceable. (f) Any defunct company desirous of getting its name strike off the Register under section 560 of the Companies Act, 1956 shall make an application in the Form FTE, annexed electronically on the Ministry of Corporate Aff....
X X X X Extracts X X X X
X X X X Extracts X X X X
....y an Indemnity Bond, duly notarized, as annexed at Annexure B, to be given by every director individually or collectively, to the effect that any losses, claim and liabilities on the company, will be met in full by every director individually or collectively, even after the name of the company is struck off the register of Companies; (n) In case of foreign nationals and NRIs, Indemnity Bond and Affidavit may be notarized as per their respective country's law. (o) The Company shall also file a Statement of Account annexed at Annexure C, prepared as on date not prior to more than one month preceding the date of filing of application in Form FTE, duly certified by a statutory auditor or Chartered Accountant in whole time practice, as the case may be. (p) In the case of 100% Government companies, if no Board is in existence, an officer not below the rank of Deputy Secretary of the concerned administrative Ministry may be authorized to enter his name and other details in Form FTE and in Annexure A, B and C in place of name and other details of the directors and also to si....
X X X X Extracts X X X X
X X X X Extracts X X X X
....irector of ......................................................................... , (hereinafter called " the Company"), incorporated on ........../............/ ............ under the Companies Act, 1956 having its Registered Office at .................. and having CIN No ................ Do solemnly affirm and state as under: 2. I/ .............. , S/o/ D/o Shri/ Smt. ................. , holder of DIN /Income Tax PAN /Passport number: ................... (copy of Income Tax PAN /Passport 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) am Director of the company stated above since .................. (mention date of appointment). 3. My present residential address is ....................................... (Copy of 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 m....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... which are mentioned under serial number 9 of Form FTE. 10. In case of any loss(es) to any person or any valid claim and liability arising from any person after the striking off the name of the Company ................... (mention name) from the Register of Companies, I, the director of the company, undertake to indemnify any person for such losses, valid claim and liability and the indemnity bond to this effect is being submitted separately with the application Form. I solemnly state that the contents of this affidavit are true to the best of my knowledge and belief and that it conceals nothing and that no part of it is false. Signature: ............................ (Deponent) Verification:- I verify that the contents of this affidavit are true to the best of my knowledge and belief. Place : ............................ Signature : ........................... (Deponent) Date: .......................... ANNEXURE-B INDEMNITY BOND (to be given individually or collectively by every director) To The Registrar of Companies, 1. I/ We, the director (s) of ...................................... (menti....