Business Plan - Venture Care 4.Not doing great – Take the fast track exit from | Page 2

About (FTE) Fast Track Exit in the New Companies Act, 2013
It is a fast process to close a company without adopting a lengthy procedure for company
closure by passing special resolution, applying to high court, appointment of liquidator and
so on…… which may take not less than six months and also it is a very expensive process
which cannot be affordable to small companies and companies which are sick companies.
closing a ltd company
The Ministry has issued Guidelines for Fast Track Exit Mode to give the opportunity to the
defunct companies to get their names struck off from the register under section 560 of the
Companies Act, 1956.
As any separate procedure is not given by newly introduced companies act 2013 and the
circular issued in the year 2011 under Companies Act 1956 is still in force for the closure of
the company.
The most important benefits of Fast Track Exit Scheme are as below;
1. Neither an inoperative Companies which are not generating any revenue nor doing its
annual filing are have got a new option to close company without paying huge
additional fees.
2. It is a short process in which company can be closed without huge documentation.
3. It is a time-saving procedure.