Can I shut down a private limited company before completing 1 year from the date of incorporation?

Can I shut down a private limited company before completing 1 year from the date of incorporation?

You can shut down your Company by Fast Track Exit Mode, Non operating Company can get their name struck off from the record of Ministry of Corporate Affairs before 12 months.
 
 But, Following Companies cannot apply under fast track exit mode-

1. Listed Companies.
 2. De-listed Companies due to non- compliance of Listing Agreement or any other statutory Laws.
 3. Section 25 Companies.
 4. Vanishing companies.
 5. Companies where investigation / inspection ordered and yet to be taken up or pending.
 6. Companies where order u/s 234 has been issued by ROC and reply is pending.
 7. Companies where prosecution for a non-compoundable offence is pending in court.
 8. Companies accepted deposits which are outstanding or default in repayment.
 9. Company having secured loan.
 10. Company having management dispute.
 11. Company for which filing of docs have been stayed by court or CLB or CG or any other competent authority.
 12. Company having dues of Income tax / sales tax / central excise / banks / financial institutions / CG / SG / other local authorities.
 13. Companies not having active / dormant status on MCA portal.
 
 Process for filing application under fast track mode:-
 
1. A Company eligible to apply for striking off its name needs to apply to Registrar of Companies in Form FTE.

2. The Form FTE, should be filed electronically on the Ministry of Corporate Affairs portal namely by making payment of Rs. 5000/-.

3. In case, the digital signature of any of the director or Manager or Secretary is not available for affixing to Form FTE, a physical copy of the Form duly filled in, shall be signed manually by a director authorized by the Board of Directors of the Company and shall be attached with the application Form at the time of its filing electronically.

4. Form FTE, shall be certified by a Chartered Accountant in whole time practice or Company Secretary in whole time practice or Cost Accountant in whole time practice,

5. Any pending litigation’s involving the Company should be disclosed while applying under this Fast track exit mode,

6. Following documents are required to be attached to e-form FTE:-

  • Statement of Accounts (duly signed by one MD / Director / Secretary and Certified by Auditor of the Company or any other Chartered Accountant)
  • Copy of Board Resolution authorizing directors to file application
  • Indemnity Bond duly notarizes and signed by all directors
  • Affidavit duly notarizes and signed by all directors (separately)
  • Physical Copy of e-form FTE duly signed by Director / MD / Manager / Secretary if no DSC is available
  • Attested copy of PAN / Passport (in case DIN is not available)
  • NOC from Govt (if applicable)
  • Any other optional attachment

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