Strike Off of Company
A company may voluntarily apply to the Registrar of Companies (ROC) to strike off its name under the Fast Track Exit (FTE) mode if:
It has failed to commence business within one year of its incorporation, or
It has not carried on any business or operations for two immediately preceding financial years.
This process enables a quicker and smoother exit for inactive companies.
Strike Off of Company
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Strike Off by Company under Section 248(2) of the Companies Act, 2013
A company can voluntarily apply for strike off of its name by submitting E-form STK-2 to the Registrar of Companies (ROC), provided all liabilities are settled. This requires either a special resolution or approval by 75% of members based on paid-up share capital. The process includes:
Board Meeting: Convene a meeting to pass a resolution for striking off the company and authorize a director to file the application with the ROC.
Liability Settlement: Clear all outstanding liabilities before proceeding further.
General Meeting: Hold a shareholders’ meeting to pass a special resolution for name removal, requiring 75% consent by paid-up share capital. File E-form MGT-14 within 30 days of resolution.
Regulatory Approvals: Obtain necessary consent from any other regulatory authorities governing the company.
This process ensures voluntary and compliant removal of the company’s name from the register.
Application to ROC by Company for Strike Off
The company must submit Form STK-2 to the Registrar of Companies (ROC) along with a government filing fee of INR 10,000, and the following documents:
Indemnity Bond (Form STK-3), duly notarized by every director
Statement of Accounts showing assets and liabilities as of a date not older than 30 days before the application, certified by a Chartered Accountant
Affidavit (Form STK-4) by every director
Certified True Copy (CTC) of Special Resolution signed by each director
Approval from Regulatory Authorities (if the company is governed by any other authority)
Statement regarding any pending litigations involving the company
Note:
Annual filings are not mandatory for submitting the strike-off application.
The company must publish the strike-off application on its website until the process is completed.
Process Followed by ROC:
Upon receiving the application, ROC issues a public notice (Form STK-6) inviting objections within 30 days.
The notice is published on the MCA website, in the Official Gazette, a leading English newspaper, and a vernacular newspaper local to the company’s registered office.
ROC informs relevant regulatory authorities (e.g., Income Tax, Central Excise, Service Tax Departments) and invites their objections.
If no objections are received and all criteria are met, ROC strikes off the company’s name by issuing a notice in the Official Gazette (Form STK-7).
The company is deemed dissolved from the date specified in the Official Gazette, and this information is updated on the MCA website.
Restrictions on Making Application for Strike Off [Section 249(1), Companies Act 2013]
A company cannot apply for strike off under Section 248(2) if, at any time during the preceding three months, it has:
Changed its name or shifted its registered office from one State to another.
Disposed of any property or rights for value, other than in the normal course of business or necessary for winding up.
Engaged in any activities other than those necessary for making the strike-off application, deciding whether to do so, concluding company affairs, or complying with statutory requirements.
Made an application to the Tribunal for sanctioning a compromise or arrangement, which has not been finally concluded.
Is under winding up proceedings, whether voluntary, by the Tribunal, or under the Insolvency and Bankruptcy Code (IBC), 2016.
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