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“Striking Off a Company: Everything You Need to Know”

June 05, 2024

Strike off of a Company.

Striking off a company’s name is an alternative way to wind up its operations. The Registrar of Companies (ROC) can issue a notice to strike off the company’s name from the Register of Companies for specific reasons. Alternatively, the company itself can apply to the ROC for its name to be struck off.

Sections 248 to 252 of the Companies Act, 2013, outline the procedure for striking off company names by the ROC or voluntarily by the company. This process offers a faster way to dissolve a defunct company and is the simplest method of closure.

Voluntary Application to Strike Off a Company.

A company can pass a special resolution or obtain the consent of 75% of its members (based on paid-up capital) to apply to the ROC for removing its name from the Register of Companies. This application can be made after settling all its liabilities if the company falls into one of the following categories:

– Fails to commence business within one year of incorporation

– Is inoperative or inactive for two consecutive financial years and has not filed for the status of a dormant company under Section 455 of the Act.

When an application is received by the ROC, the ROC must publish a notice in relation to the application in such manner as may be prescribed in the Act.

Restrictions for Filing Voluntary Application to Strike Off by a Company. A company cannot apply for striking off its name if, in the past three months, it has:

A company cannot apply for striking off its name if, in the past three months, it has:A company cannot apply for striking off its name if, in the past three months, it has:

– Disposed of property or rights of the business for profit after the business ceased to exist

– It means that the company has shifted its registered office or else, the name of the company has changed.

– Another claim that was made was an application to the National Company Law Tribunal where the relevant party sought an arrangement/compromise that was pending.

– Involved in business other than preparation of application document or providing information required as per the statutes

– Given under section of section 485 of the Act, the company admitted to winding up by way of Chapter XX thereof. If a company violates these conditions, it can be fined up to Rs. 1 lakh.

Striking Off Company Name by ROC.

If there is reasonable cause to believe that a company meets the criteria for striking off, the ROC will send a notice to the company and its directors. This notice is a formal declaration to declare the company name from the Register of Companies.

We also present procedure to strike off the company name from the register.

In a case where the ROC has issued a notice for striking off the name of the company or the company has made an application for the same, the ROC will write to the company and seek to provide its response along with relevant documents within a period of thirty days.

After that, either the notice for striking off or the application by the company as a compliant is published in the Official Gazette. In case the said company has not furnished a reason contrary to the above within the period specified, the ROC opts to strike off the name of the company from the Register of Companies.

Following the expiry of the specified time, the ROC publishes a dissolution notice in the Official Gazette, signaling the company’s dissolution.

Before proceeding with the order of company dissolution and striking off its name, the ROC ensures that adequate provisions are made for the payment or discharge of company liabilities within a reasonable time. Furthermore, where needed, undertakings are provided from the directors, managing director, or any other person who manages the company accountable for the management.

However, it is crucial to acknowledge that even after the company name has been struck off from the Register of Companies, the property of the company still remains to effect the satisfaction of the company’s discharge or the performance of its covenants or other obligations or liabilities.

On the circumstances surrounding the dissolution of a company is considered with a view of appealing to the tribunal.

Since the ROC has the power and authority to pass an order dissolving the company under Section 248 of the Act, an individual who is not satisfied with such an order may appeal the decision to the Tribunal within a period of three years from the date of the ROC’s order.

The Tribunal has the power to refer the name of the company back to Registrar of Companies if it seems that the ROC had acted without any proper reason or basis in passing the dissolution order. In this process, the Tribunal makes sure that the ROC and the company, as well as any other concerned party, get equal chance to represent their standpoint and be in heir voice heard.

In accordance with the provisions of sub section (5) of the Section 209 of the Act, the ROC requires a copy of the Tribunal’s order and the company must forward the same within a period of thirty days from the receipt of the order. Following this process the company’s name will be entered back into the Register of Companies and the ROC shall also issue a new Certificate of Incorporation to the firm.

Also, if the ROC feels that the name of the company was removed from Register of companies due to wrong information given by the directors of the company or the company itself or due to some mistake/error on its part then it may approach the Tribunal within three years from the date of passing of dissolution order for the restoration of the name of the company.

 FAQs (Frequently Asked Questions)

  1. Is it possible to apply to strike off a company if it is not in compliance with the provisions of the Companies Act by not filing the Annual Return and Financial Statements from the time the company was incorporated?

   – Yes, you can apply to strike off the company but such option is valid if you have not filed INC-20A which is the declaration for commencement of business.

      2. Can we apply to strike off the company if the company was incorporated in              January and we wish to apply in March if we changed the name of company              after incorporation?

   – Well, a strike off can only be applied when the company in question has not been trading for at least three months, and you cannot apply for it within the three months following a change in the said company’s name or its registered office.

      3. What resolutions are needed to apply for a strike off?

   – The company needs to pass both a Board Resolution and a Special Resolution to apply for a strike off.

DISCLAIMER: The contents of this article are restricted to the purpose of giving the reader general information only and were compiled according to the most recent laws and rules. It is strictly important fully understand and be aware of changes in legal and regulatory frameworks that might not be captured here. To know more on this or for any queries the taxpayers are supposed to seek assistance from a professional tax consultant or they can contact our tax advisors at +91-9871990777 or info@semantictaxgen.in. the respective agency in order to ensure the accuracy of the details and seek for a professional consultation on their taxation matters.

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