Business Plan - Venture Care Closing a ltd company Guide on Fast Track Exit | Page 3

will be taken only after disposal of compounding application by the competent
authority.
WHICH COMPANY IS INELIGIBLE FOR FILING UNDER FTE SCHEME:
 Listed companies;
 Companies that have been de-listed due to non-compliance of Listing Agreement or
any other statutory Laws,
 Companies registered under section 25 of the Companies Act, 1956 or section 8 of
Companies Act, 2013
 Vanishing companies;
 Companies where inspection or investigation is pending or any proceedings are
pending in the court
 Companies against which prosecution for a non-compoundable offense is pending in
court;
 Companies accepted public deposits which are either outstanding or the company is in
default in repayment of the same;
 Company having secured loan;
 Company having management dispute;
 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;
 The 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.
WHICH COMPANY IS ELIGIBLE TO APPLY UNDER FAST TRACK EXIT SCHEME:
1. Company having NIL assets and liabilities
2. Company inoperative since the date of Incorporation or 1 Year or more
3. The company has closed down its bank account.
PROCEDURE TO BE ADOPTED BY REGISTRAR OF COMPANIES IN THIS MATTER:
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The Registrar of Companies, on receipt of the application, shall examine the same and
if found in order, shall give a notice to the company under section 560(3) of the
Companies Act, 1956 by email to its e-mail address intimated in the Form, giving thirty
days’ time, stating that unless cause is shown to the contrary, its name be struck off
from the Register and the company will be dissolved;
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
http://www.mca.gov.in/, giving thirty days’ time for raising an objection, if any, by the
stakeholders to the concerned Registrar;
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;