#‎FASTTRACKEXIT‬ (FTE) FOR DEFUNCT COMPANIES

(Sec 560 of 1956 Act now Sec 248 of 2013 Act)

CONDITIONS FOR FTE

The defunct company should have “Nil” Assets & Liabilities and has not commenced any business activity or operation since incorporation; or is not carrying over any business activity or operation for last one year before making application and Company which has “Active” status or identified as “Dormant” by the MCA

COMPANIES NOT ELIGIBLE FOR FTE

Listed Companies/ De-listed Companies/Section 8 Co/ Vanishing Companies/ Companies under Inspection/Investigation pending in any Court/ Companies where order under Section 234 has been issued and reply thereto or prosecution, if any, is pending in the court/ Companies against which prosecution for a non-compoundable offence is pending in court/Companies which have accepted public deposits and has made defaults in repayment of the same/Companies having secured loans/Companies having management disputes/Companies whose filing of documents has been stayed by Court or CLB or CG / Companies having dues to Taxes, banks and FI or CG or SG or any local authorities

HOW TO APPLY FOR FTE?

The application shall be made in Form FTE accompanied by filing fees of Rs. 5,000/-.

Attachments to Form FTE

1. Affidavit (as per “Annexure A” to the Circular) to be given individually by all Directors;

2. Indemnity Bond (as per “Annexure B” to the Circular) to be given individually by all Directors;

3. Statement of Accounts (as per “Annexure C” to the Circular) certified by PCA or Statutory Auditor

4. Board Resolution stating to Strike off the name of the Company under FTE Mode;

5. Board Resolution for closure of Bank Accounts;

6. Confirmation letter duly signed by the concerned Banks Official that the Bank Account of the Company is closed;

7. The company shall disclose pending litigations, if any, involving the company while applying under FTE;

8. Form FTE shall be certified by PCA/ PCS/PCMA.

9. If database of directors not maintained by the MCA, a certificate from PCA/ PCS/PCMA certifying that applicants are present Directors of the Company. Then no need to file Form DIR-12 and DIR-3 (earlier DIN 3).

PROCEDURE AT ROC

1. ROC shall examine the same and if found in order, shall intimate the Co by issuing a notice under Section 560 (3) giving 30 days time, stating that unless cause is shown to the contrary, the name of Company be struck off from the register and the lead to dissolution of the Company.

2. The Registrar on being satisfied shall strike off the name of the Company from its Register and send notice under Section 560 (5) of the Act for publication in the Official Gazette and the Company stands dissolved from date of publication of the notice in the Official Gazette.

3. A Company dissolved under Section 560 of the Act can be restored before expiry of 20 years from the date of publication of notice in the Official Gazette by order of the Court. The application for restoration can be made only by the Company, member or creditor.

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