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A One Person Company is not different than any other company when it comes to strike off. When the Company is incorporated a Certificate of Incorporation is issued by the Registrar of Companies which acknowledges the existence of the Company. Once the name of the company is entered into registrar it cannot be removed unless the company applies for it or processed by law.

When the company fails to commence its business or fails to submit yearly returns, the registrar by its own may put the name of the company into strike off. The process of removing an incorporated or registered company from the register kept by the governing statutory agency such as registrar of companies.

ebizfiling can help you strike off your Company name quickly and easily.

Few points to make your decision easy

Cessation of Work

  • The Company does not carry any business or operation
  • Inactive company having no operations from incorporation

Liability Status

  • Audited accounts to show no assets and liabilities
  • There are no secured creditors in the Company

De-registration

  • Company’s name is struck off from registrar
  • The company cease to exist after strike off

Inexpensive to implement

  • Strike off is less expensive than liquidation
  • No requirements of mandatory filings

Ways of Strike off

  • Application made by the company
  • Registrar’s power to strike off by its own

Application by

  • Application can be made by an active company
  • Application can be made by a Dormant company

A small procedure for your quick understanding

Get answers to all your questions here

What is Fast Track Exit mode?

Fast Track Exit mode is introduced by Ministry of Corporate Affairs for giving opportunity to non-operating companies for getting their names struck off from the records of Ministry of Corporate Affairs. Fast Track Exit mode is an easy mode of closing non-operating companies.

What is defunct Company?

Defunct Company means a Company registered under the Companies Act, 1956/ Companies Act, 2013 (hereinafter referred to as "the Act") which is not carrying over any business activity or operation:

  • Since incorporation or is not carrying over any business activity or operation for last one year before making application,
  • Having Nil assets & liability,
  • Which has 'active' status or identified as the 'dormant' Company by the Ministry.

What is Vanishing Company?

Vanishing Company means a Company which fulfills following conditions:-

  • A Company registered under the Act,
  • Listed on Stock Exchange,
  • Has failed to file its returns with Registrar of Companies (hereinafter referred to as "ROC") and stock exchange for consecutive period of 2 years,
  • Is not maintaining its registered office at the address notified with ROC or Stock Exchange,
  • None of its directors are traceable.

Which Companies can apply under fast track exit mode?

Following Companies can apply under fast track exit mode for striking off its name from register of Registrar of Companies:-

  1. Companies which are not operating or not carrying on any business since last one year from the date of application or,
  2. Companies which are not operating or not carrying on any business since incorporation and,
  3. Company having Nil assets & liability.

However, all companies which want to apply shall have ‘active’ or ‘dormant’ status on MCA portal.

Which Companies cannot apply under fast track exit mode?

Following Companies cannot apply under fast track exit mode:-

  • Listed Companies
  • De-listed Companies due to non- compliance of Listing Agreement or any other statutory Laws
  • Section 25 Companies
  • Vanishing companies
  • Companies where investigation / inspection ordered and yet to be taken up or pending
  • Companies where order u/s 234 has been issued by ROC and reply is pending
  • Companies where prosecution for a non-compoundable offence is pending in court
  • Companies accepted deposits which are outstanding or default in repayment
  • Company having secured loan
  • Company having management dispute
  • Company for which filing of docs have been stayed by court or CLB or CG or any other competent authority
  • Company having dues of Income tax / sales tax / central excise / banks / financial institutions / CG / SG / other local authorities
  • Companies not having active / dormant status on MCA portal

Still have confusion?

Don’t worry!! Our expert will help you to choose best suitable plan for you. Get in touch with our team to get all your queries resolved. Write us on info@ebizfiling.com or call us @+91 8262 990 990.

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