WINDING UP OF COMPANIES UNDER COMPANIES ACT 1956.
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WINDING UP OF COMPANIES UNDER COMPANIES ACT 1956.
I. COMPULSORY WINDING UP
CIRCUMSTANCES FOR WINDING UP
ON PASSING OF A SPECIAL RESOLUTION.
FAILURE TO HOLD STATUTORY MEETING.
FAILURE OF THE COMPANY TO COMMENCE BUSINESS.
REDUCTION IN NUMBER OF MEMBERS BELOW MINIMUM.
CIRCUMSTANCES FOR WINDING UP
INABILITY OF THE COMPANY TO PAY ITS DEBTS.
WINDING UP OF A COMPANY ON JUST AND EQUITABLE GROUNDS.
DEFAULT IN FILING BALANCE-SHEET, PROFIT & LOSS A/C OR ANNUAL RETURN.
CIRCUMSTANCES FOR WINDING UP
COMPANY ACTING AGAINST THE INTEREST OF SOVEREIGNTY AND INTEGRITY OF INDIA.
WHEN SICK INDUSTRIAL COMPANY IS UNABLE TO MAKE ITS NETWORTH EXCEED ITS ACCUMULATED LOSSES WITHIN A REASONABLE TIME.
WHO CAN FILE WINDING UP PETITION ?
COMPANY
CREDITORS
CONTRIBUTORY
REGISTRAR OF COMPANIES
CENTRAL GOVERNMENT
WHO CAN BE APPOINTED AS OFFICIAL LIQUIDATOR
A MEMBER FROM THE PANEL OF THE PROFESSIONAL FIRMS OF CHARTERED ACCOUNTANTS, ADVOCATES, COMPANY SECRETARIES, COST AND WORK ACCOUNTANTS WHICH THE CENTRAL GOVERNMENT MAY CONSTITUTE.
BODY CORPORATE APPROVED BY CENTRAL GOVERNMENT.
WHOLE-TIME OR PART-TIME OFFICER APPOINTED BY THE CENTRAL GOVERNMENT.
PROCEDURE FOR WINDING UP
ADMISSION OF THE PETITION.
APPOINTMENT OF OFFICIAL LIQUIDATOR.
TRIBUNAL TO HEAR PARTIES.
TRIBUNAL TO MAKE SUITABLE ORDERS
PROCEDURE FOR WINDING UP
SUITS STAYED UP IN THE WINDING UP ORDER.
COMMITTEE OF INSPECTION.
AUDIT OF LIQUIDATOR’S ACCOUNT.
PROCEDURE FOR WINDING UP
PREPARATION OF STATEMENT OF AFFAIRS AND SUBMISSION OF THE THE SAME TO OFFICIAL LIQUIDATOR.
PUBLIC EXAMINATION OF PROMOTERS, DIRECTORS, ETC.
DISSOLUTION OF COMPANY.
WINDING UP ORDER TO BE FILED WITH REGISTRAR OF COMPNAIES.
II. VOLUNTARY WINDING UP
MEMBERS VOLUNTARY WINDING UP.
CREDITORS VOLUNTARY WINDING UP.
HOW MEMBERS’ VOLUNTARY WINDING UP IS MADE?
ON COMPLETION OF THE OBJECT FOR WHICH THE COMPANY WAS FORMED BY PASSING AN ORDINARY RESOLUTION AT GENERAL MEETING.
IN ANY OTHER CASE BY PASSING A SPECIAL RESOLUTION AT THE GENERAL MEETING.
PROCEDURE FOR MEMBERS’ VOLUNTARY WINDING UP
PUBLICATION OF THE RESOLUTION.
DECLARATION OF SOLVENCY.
APPOINTMENT OF LIQUIDATOR.
PROCEDURE FOR MEMBERS’ VOLUNTARY WINDING UP
NOTICE OF APPOINTMENT TO THE REGISTRAR.
FINAL MEETING AND DISSOLUTION.
CREDITORS’ VOLUNTARY WINDING UP - PROCEDURE
FIRST MEETING OF CREDITORS.
NOTICE OF THE RESOLUTION PASSED BY CREDITORS TO REGISTRAR.
APPOINTMENT OF LIQUIDATOR
CREDITORS’ VOLUNTARY WINDING UP - PROCEDURE
FINAL MEETING AND DISSOLUTION.
RETURN TO REGISTRAR AND OFFICIAL LIQUIDATOR.
III. WINDING UP BY REGISTRAR
WINDING UP OF COMPANY U/S 560 OF THE ACT BYROC
POWER OF REGISTRAR TO STRIKE OFF.
WHETHER THE COMPANY IS CARRYING ON BUSINESS, OR IS IN OPERATION.
LIABILITY OF DIRECTORS, ETC.
WINDING UP OF COMPANY U/S 560 OF THE ACT BYROC
COURT’S POWER TO WIND UP
RESTORATION OF THE COMPANY. – APPLICATION OF RESTORATION TO BE MADE BY THE COMPANY..
SIMPLIFIED EXIT SCHEME.
PROCEDURE UNDER SIMPLIFIED EXIT SCHEME
APPLICATION BY COMPANY ALONG WITH PRESCRIBED AMOUNT.
AUDITED ACCOUNTS TO BE SUBMITTED ALONG WITH APPLICATION.
AFFIDAVIT BY DIRECTORS TO BE SUBMITTED.
INDEMNITY BOND SIGNED BY DIRECTORS TO BE SUBMITTED.
ROLE OF PRACTICING COMPANY SECRETARY IN WINDING UP
A QUALIFIED COMPANY SECRETARY CAN BE APPOINTED AS OFFICIAL LIQUIDATOR.
APPEARING BEFORE NCLT.
APPEARING BEFORE APPELLATE TRIBUNAL.
A QUALIFIED COMPANY SECRETARY CAN BE APPOINTED AS TECHNICAL MEMBER OF THE TRIBUNAL.
RAJNEESH MALHOTRA
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