Comprehensive Company Closure Services
Our company closure services under Section 248 offer a structured exit solution, ensuring compliance with legal requirements while minimizing liabilities. Our experienced team manages eligibility checks, document preparation, and engagements with authorities, providing a streamlined closure process.
Structured and Compliant Closure Process
Company Closure Services under Section 248
Understanding Section 248
Section 248 of the Companies Act, 2013 enables the Registrar of Companies (RoC) to strike off a company’s name from its register if the company has not been carrying on any business or operation for two preceding financial years and has not applied for obtaining the status of a dormant company. This provision allows companies a simplified exit route by minimizing procedural obligations.
Key Aspects of Company Closure
Eligibility: Not every company can apply for closure under Section 248. Understanding eligibility criteria is critical, which usually involves a dormant status of the company or complete cessation of business activities for a specified period.
Procedure: The closure process involves a systematic approach, ensuring all stakeholders are informed and liabilities settled. The following steps outline the essential procedure:
- Board resolution for winding up.
- Special resolution by shareholders.
- Submission of necessary forms and documents with the RoC.
- Compliance with the legal obligations like settling liabilities.
Documentation: Proper documentation is vital for a seamless closure. This includes:
- Financial statements.
- Director's affidavits.
- Indemnity bonds.
- Statement of assets and liabilities.
Liaison with Authorities: Engaging with the authorities such as the RoC is essential in ensuring the process moves forward without undue delay, requiring consistent follow-ups and submissions.
Advantages of Our Service
- Expert Guidance: Our experienced legal team provides tailored advice, ensuring you understand each step.
- Compliance Assurance: We guarantee compliance with all statutory requirements, minimizing any legal risks.
- Efficient Process: Our structured approach minimizes time consumption and accelerates the closure process.
- Limit Liabilities: We assist in efficiently winding up operations, managing and settling liabilities to minimize financial impact.
Choosing our company closure services ensures a hassle-free transition, with every informative and strategic aspect covered expertly. Our proactive approach anticipates potential challenges and addresses them effectively, ensuring peace of mind for our clients.
How Our Company Closure Service Works
Follow these steps for a hassle-free company closure under Section 248.
Eligibility Assessment
Determine if your company is eligible for closure under Section 248 by reviewing financial and operational criteria.
Resolution and Approval
Pass a board resolution and obtain shareholder approval indicating the decision to close the company.
Document Preparation
Prepare complete documentation, including financial statements, affidavits, indemnity bonds, and a statement of assets and liabilities.
Application Submission
Submit the required forms and documents to the Registrar of Companies for processing.
Liaison with Authorities
Engage regularly with the RoC to ensure the application progresses smoothly without delays.
Final Compliance Check
Ensure all liabilities are settled, and legal obligations are met to facilitate an unobstructed closure process.
Required Documents
You will need to provide the following documents to proceed with the company closure under Section 248.
Financial Statements
Audited financial statements for the last two financial years.
Director's Affidavits
Affidavits from directors affirming the absence of any business operations.
Indemnity Bonds
Indemnifying the authorities against any future claims.
Statement of Assets and Liabilities
Detailed statement verifying the company's current financial position.
What is Included in Our Company Closure Service
Eligibility Review
Document Drafting
Regulatory Liaison
Liability Settlement Assistance
Final Compliance Check
Frequently Asked questions
Here are some frequently asked questions about our company closure services under Section 248.
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