Strike off in general term is known as to remove or erase someone from somewhere from which it used to exist. In business term strike off of Companies means cessation of existence of a Company and removing the name of the Company from the database of list of companies maintained with the Ministry of Corporate Affairs of India.
Strike off can be understood as removal of something from somewhere, when it comes to the term of business , it means removing the very existence of any company by removing its name from the records of respective Registrar of Companies.
Strike off in general term is known as to remove or erase someone from somewhere where the same used to exist. In business term strike off of Companies means cessation of existence of a Company and removing the name of the Company from the database of list of companies maintained with the Ministry of Corporate Affairs of India.
Strike off (easy exit) way to shut down a company (kn p partners)ADITYA PANDEY
The defunct companies are also required to comply the Company Law provisions and file requisite forms. In case of default the penalty under Act is so high. So, it is better to strike off the company, once you decide to stop the business and avoid penalty and litigation.
– Introduction
– Legal framework dealing with the provisions ﰋﰅ ﰑﰉﰗﰐﰟﰐﰇﰔ ﰋﰦ ﱆ
ﰷﰱﰸ ﰞﰆﰋﰹﰌﰋﰉﰋ ﰑﰉﰗﰐﰟﰄ ﰋﰦ
(B) Application by the Company
ﱆ ﰞﰉﰗﰐﰟﰐﰇﰔ ﰋﰦ ﰉﰖﰄ ﰇﰎﰌﰄ ﰋﰅ ﰉﰖﰄ ﰪﰪﰫ ﰅﰗﰋﰌ ﰉﰖﰄ Register of LLP
ﱆ ﰫﰗﰋﰈﰄﰝﰆﰗﰄ ﰋﰅ ﰑﰉﰗﰐﰟﰐﰇﰔ ﰋﰦ
– Liabilities of partners to continue after strike ﰋﰦ
– Restoration of LLP
– Procedure for making application to NCLT
Registrar of Companies (ROC) is empowered to strike off a dysfunctional company under Section 248 of the Companies Act, 2013 and NCLT for revival of struck up companies.
By the virtue of its power, Ministry of Corporate Affairs had struck off approximately 2 lakh defaulting Companies for non filing of its statutory documents for last 3 years or more in late 2017.
Striking Off the Name Of a Company by the Registrar Of Companies jayjani123
Previously under the company’s act 1956, there was no procedure to strike off the Companies on the application made by the Company.
The companies can be struck off only by the Registrar of Companies as laid down under section 560 of the Companies Act, 1956.
Later, with the difficulties faced by them, a guideline was released by the Stakeholders ministry on Fast Track Exit Scheme to be executed with effect from 3rd July 2011 to set off the inoperative Companies under FTE scheme.
The concept of Dormant Company is introduced under section 455 of the Companies Act, 2013 read with The Companies (Miscellaneous) Rules, 2014 and came into effect from 1st April, 2014. Basically it’s the status of company which is becomes dormant.
Dormant company in general means temporarily inactive. As per provision of Companies Act, 2013 any company can apply for dormant status of the company by making application to Registrar, if it fulfils the required conditions.
Strike off can be understood as removal of something from somewhere, when it comes to the term of business , it means removing the very existence of any company by removing its name from the records of respective Registrar of Companies.
Strike off in general term is known as to remove or erase someone from somewhere where the same used to exist. In business term strike off of Companies means cessation of existence of a Company and removing the name of the Company from the database of list of companies maintained with the Ministry of Corporate Affairs of India.
Strike off (easy exit) way to shut down a company (kn p partners)ADITYA PANDEY
The defunct companies are also required to comply the Company Law provisions and file requisite forms. In case of default the penalty under Act is so high. So, it is better to strike off the company, once you decide to stop the business and avoid penalty and litigation.
– Introduction
– Legal framework dealing with the provisions ﰋﰅ ﰑﰉﰗﰐﰟﰐﰇﰔ ﰋﰦ ﱆ
ﰷﰱﰸ ﰞﰆﰋﰹﰌﰋﰉﰋ ﰑﰉﰗﰐﰟﰄ ﰋﰦ
(B) Application by the Company
ﱆ ﰞﰉﰗﰐﰟﰐﰇﰔ ﰋﰦ ﰉﰖﰄ ﰇﰎﰌﰄ ﰋﰅ ﰉﰖﰄ ﰪﰪﰫ ﰅﰗﰋﰌ ﰉﰖﰄ Register of LLP
ﱆ ﰫﰗﰋﰈﰄﰝﰆﰗﰄ ﰋﰅ ﰑﰉﰗﰐﰟﰐﰇﰔ ﰋﰦ
– Liabilities of partners to continue after strike ﰋﰦ
– Restoration of LLP
– Procedure for making application to NCLT
Registrar of Companies (ROC) is empowered to strike off a dysfunctional company under Section 248 of the Companies Act, 2013 and NCLT for revival of struck up companies.
By the virtue of its power, Ministry of Corporate Affairs had struck off approximately 2 lakh defaulting Companies for non filing of its statutory documents for last 3 years or more in late 2017.
Striking Off the Name Of a Company by the Registrar Of Companies jayjani123
Previously under the company’s act 1956, there was no procedure to strike off the Companies on the application made by the Company.
The companies can be struck off only by the Registrar of Companies as laid down under section 560 of the Companies Act, 1956.
Later, with the difficulties faced by them, a guideline was released by the Stakeholders ministry on Fast Track Exit Scheme to be executed with effect from 3rd July 2011 to set off the inoperative Companies under FTE scheme.
The concept of Dormant Company is introduced under section 455 of the Companies Act, 2013 read with The Companies (Miscellaneous) Rules, 2014 and came into effect from 1st April, 2014. Basically it’s the status of company which is becomes dormant.
Dormant company in general means temporarily inactive. As per provision of Companies Act, 2013 any company can apply for dormant status of the company by making application to Registrar, if it fulfils the required conditions.
FAQs on Provisions and penalties for ‘struckjayjani123
The Ministry of Corporate Affairs (MCA) took strict action in 2017 by “Striking Off” more than 2 lakh firms as part of the ongoing effort to cleanse the financial sector.
More than 3 lakh Director Identification Numbers (DINs) were mistakenly deactivated due to this operation.
Comprehensive analysis of strike off under companies act, 2013 jayjani123
The Ministry of Corporate Affairs ("MCA") vide Notification1 dated 26.12.2016 notified Section 248 to 252 of the Companies Act, 2013 ("Act") and revised the process of striking off the name of the company from the register of companies maintained by the Registrar of Companies ("ROC").
The procedure of strike off the name of company through the Fast Track Exit ("FTE") mode under the provisions of section 560 of the Companies Act, 1956 stands revised and accordingly, the "Strike Off" mode was introduced by the MCA vide said notification.
The provisions relating to Strike Off provide an opportunity to the defunct companies to get their names struck off from the records of the ROC.
Top Ten Tips on striking off your companyjayjani123
Have you remembered to file your annual accounts and annual return with Companies House? Have you got no further use for your company?
If you responded no to the first question or yes to the second question, read on to find out about the different ways a company can be struck off. Of the 2,663,100 companies that were registered as trading in the UK last year 283,400 companies were dissolved.
Listed companies,
Companies delisted due to non-compliance,
Vanishing companies,
Companies under inspection and investigation,
Notice issued by RoC / Inspector and pending for reply under S.206 or S.207,
Objective and Agenda:
In order to bring flexibility and to monitor the activities of the charitable organisations in India, non-governmental organisations are given the corporate status by forming companies under Section 8 of the Companies Act, 2013. The scope of the webinar is to cover the objects of forming a Section 8 Company, procedure to obtain license, benefits of forming a Section 8 Company, conversion of Section 8 Company into any other company, effects of non-compliance of objects and the tax benefits available to such companies.
DISQUALIFIED DIRECTORS ANTICIPATE RELIEF FROM BOMBAY HCDishaShah147
Reasons, Causes, Consequences and Remedies available to the disqualified director along with a summary of judgements pronounced by various High Courts.
Study Tip : 19 (Setting Up of BUSineSS entitieS And CloSure)Dipti Dhakul
Meaning of Dormant Company
– Procedure to obtain Dormant Status
– Compliances by Dormant Company
– Seeking the status of Active Company from Dormant Company
The concepts of dormant and active company, legal procedure involved in obtaining the status of dormant company, compliances for the purpose of dormant company and procedure to make a dormant company active.
The Companies Act 2013 is an Act of the Parliament of India on Indian company law which regulates incorporation of a company, responsibilities of a company, directors, dissolution of a company.
The guide provides an overview of the business environment in Thailand, with information about company establishment, taxation, intellectual property rights, and legal issues.
“Two is better than one” basically this concept is foundation of a traditional partnership firm where two or more persons get together to carry on some lawful business and share profit and loss among themselves as agreed upon by them.
Partnership Firm as a form of business which has its own restriction and have limited reach among public, in order to enhance the business through partnership a hybrid form of business structure was introduced that has basic features of partnership merged with the features of a Company.
Nidhi Companies are body corporates that are incorporated with an object to provide benefits to its member by promoting saving and thrift habit among its members. These companies are also known as Permanent Fund, Benefit Funds, Mutual Benefit Funds and Mutual Benefit Company.
Nidhi Companies must have the object of cultivating the habit of thrift and saving amongst its members and they cannot carry any other activity apart from this object. It receive deposits from, and lend to, its members only and all activities do be done for mutual benefit of members only.
Nidhi Companies are regulated by Ministry of Corporate Affairs and Reserve Bank of India. Since there is involvement of public money in such companies, regulators keep an eye on Nidhi company, still public interest has been adversely affected by Nidhi Companies which accept deposits from investors with malafide intention like 2004’s high-profile ponzi scam involving Chennai-based PNL Nidhi Limited that allegedly collected Rs68.50 crore from over 13,000 investors and defaulted in repayment.
Due to such scams RBI and Companies Act,2013 stringent the norms for Nidhi Companies and keep check on acceptance of deposit from Members and granting of Loan to members.
FAQs on Provisions and penalties for ‘struckjayjani123
The Ministry of Corporate Affairs (MCA) took strict action in 2017 by “Striking Off” more than 2 lakh firms as part of the ongoing effort to cleanse the financial sector.
More than 3 lakh Director Identification Numbers (DINs) were mistakenly deactivated due to this operation.
Comprehensive analysis of strike off under companies act, 2013 jayjani123
The Ministry of Corporate Affairs ("MCA") vide Notification1 dated 26.12.2016 notified Section 248 to 252 of the Companies Act, 2013 ("Act") and revised the process of striking off the name of the company from the register of companies maintained by the Registrar of Companies ("ROC").
The procedure of strike off the name of company through the Fast Track Exit ("FTE") mode under the provisions of section 560 of the Companies Act, 1956 stands revised and accordingly, the "Strike Off" mode was introduced by the MCA vide said notification.
The provisions relating to Strike Off provide an opportunity to the defunct companies to get their names struck off from the records of the ROC.
Top Ten Tips on striking off your companyjayjani123
Have you remembered to file your annual accounts and annual return with Companies House? Have you got no further use for your company?
If you responded no to the first question or yes to the second question, read on to find out about the different ways a company can be struck off. Of the 2,663,100 companies that were registered as trading in the UK last year 283,400 companies were dissolved.
Listed companies,
Companies delisted due to non-compliance,
Vanishing companies,
Companies under inspection and investigation,
Notice issued by RoC / Inspector and pending for reply under S.206 or S.207,
Objective and Agenda:
In order to bring flexibility and to monitor the activities of the charitable organisations in India, non-governmental organisations are given the corporate status by forming companies under Section 8 of the Companies Act, 2013. The scope of the webinar is to cover the objects of forming a Section 8 Company, procedure to obtain license, benefits of forming a Section 8 Company, conversion of Section 8 Company into any other company, effects of non-compliance of objects and the tax benefits available to such companies.
DISQUALIFIED DIRECTORS ANTICIPATE RELIEF FROM BOMBAY HCDishaShah147
Reasons, Causes, Consequences and Remedies available to the disqualified director along with a summary of judgements pronounced by various High Courts.
Study Tip : 19 (Setting Up of BUSineSS entitieS And CloSure)Dipti Dhakul
Meaning of Dormant Company
– Procedure to obtain Dormant Status
– Compliances by Dormant Company
– Seeking the status of Active Company from Dormant Company
The concepts of dormant and active company, legal procedure involved in obtaining the status of dormant company, compliances for the purpose of dormant company and procedure to make a dormant company active.
The Companies Act 2013 is an Act of the Parliament of India on Indian company law which regulates incorporation of a company, responsibilities of a company, directors, dissolution of a company.
The guide provides an overview of the business environment in Thailand, with information about company establishment, taxation, intellectual property rights, and legal issues.
“Two is better than one” basically this concept is foundation of a traditional partnership firm where two or more persons get together to carry on some lawful business and share profit and loss among themselves as agreed upon by them.
Partnership Firm as a form of business which has its own restriction and have limited reach among public, in order to enhance the business through partnership a hybrid form of business structure was introduced that has basic features of partnership merged with the features of a Company.
Nidhi Companies are body corporates that are incorporated with an object to provide benefits to its member by promoting saving and thrift habit among its members. These companies are also known as Permanent Fund, Benefit Funds, Mutual Benefit Funds and Mutual Benefit Company.
Nidhi Companies must have the object of cultivating the habit of thrift and saving amongst its members and they cannot carry any other activity apart from this object. It receive deposits from, and lend to, its members only and all activities do be done for mutual benefit of members only.
Nidhi Companies are regulated by Ministry of Corporate Affairs and Reserve Bank of India. Since there is involvement of public money in such companies, regulators keep an eye on Nidhi company, still public interest has been adversely affected by Nidhi Companies which accept deposits from investors with malafide intention like 2004’s high-profile ponzi scam involving Chennai-based PNL Nidhi Limited that allegedly collected Rs68.50 crore from over 13,000 investors and defaulted in repayment.
Due to such scams RBI and Companies Act,2013 stringent the norms for Nidhi Companies and keep check on acceptance of deposit from Members and granting of Loan to members.
Nidhi Company - Registration & OperationsLegalDelight
In India, concept of Nidhi Companies has been set up way back in 20th Century where group of people came together with a purpose to resolve the monetary issues of people residing in a particular area or town so that they did not get prey on hands of moneylenders. It basically operates on principle of mutual benefits and also known as Permanent Fund, Benefit Funds, Mutual Benefit Funds and Mutual Benefit Company.
Since then, Nidhi Company has gained popularity as a form of business. Main object of Nidhi Company is accepting money and promoting the habit of saving and growing value of money but activities of a Nidhi company are restricted to their members only.
In India concept of Nidhi Company is mostly popular in southern part of India almost 80% of the Nidhi Companies are operational in South India. Since object of Nidhi Companies include accepting of deposits its functioning came under the ambit of Non-Banking Financial Companies it is also governed by Reserve Bank of India besides being regulated under Companies Act, 2013.
Structuring of any business model can be done in various ways. Any person willing to set up a business may opt for any form of business depending upon his/ her need and requirement i.e. Sole Proprietorship, Partnership Firm, LLP, Society, Trust, Company etc.
It has been observed that people are generally inclined towards setting up of a Company because of the sense of reputation and features involved in this form of business besides the fact that running a company takes more effort than carrying any other form of business.
We already know that company can be categorised under various heads like one person company, private company, public company, section 8 companies etc. and companies act, 2013 has also specified the provisions for conversion from one category of company into another.
It often happens that a person carrying business in form of firm, LLP, society etc may want to convert its business into form of a Company. Say a partnership firm wants to convert itself into a company or a LLP thinks fit to run a company to carry its existing business instead of LLP. All these conversations are governed by the provisions of companies act 2013 (Act) which has specified the rules following which certain form of business can convert itself into company.
In India, formation of Business in form of a Company, specifically private company, is most favoured form with respect to other alternatives as available for business like Proprietorship, Society, Firm, LLP etc. Although when considered from the prospective of legal entity and perpetual succession as a feature of form of business after Company, formation of LLP is considered to be apt.
An entity can be incorporated under three classes in the form of Company i.e. as a one person company, Private limited Company or a Public Limited Company. Public limited companies can be further classified as listed or unlisted public company.
To commence business as a private limited company is beneficial at initial stage as administration and management of a private limited company is less cumbersome than public limited company. However, owners of private limited company may convert their company into a public limited company if they consider it fit for their business and further expansion.
Producer Company Management & AdministrationLegalDelight
Producer company is corporate structure where group of farmers comes together to act as member of the company to carry agricultural business on self-help basis with an intention to earn profit and provide help to each member of its company through democratic management.
These are incorporated to promote cultivation, harvesting, pooling, handling marketing of primary produce and endeavor for export and import of agriculture produce.
Part IX A of the Companies Act, 1956 states provisions of Producers Companies which is subsisting as in Companies Act, 2013 till the time government does not enact special law for producer companies.
In this article we will discuss about management and administration of Producer Company.
India is an agrarian economy where 58% of the population depends on agriculture for its livelihood and it provides employment for 42 % of Indian Population. Instead of playing such a pivot role in the economy of India, Agriculture sector has not experienced that much growth as compared to other sector.
Considering the various obstacle that agriculture sector faces like limited capital and asset base, climate dependency, electricity water supply, transportation etc. lawmakers had resorted to provide a corporate structure to agricultural activities in India. Thus concept of producer company was introduced which basically takes all the features of a cooperative society and merged with the framework of a body corporate.
Under Producer Company, group of farmers comes together to act as member to carry agricultural business on self-help basis with an intention to earn profit and provide help to each member of its company through democratic management. Some of examples of producer companies in India are:
Dhari Krushak Vikash Producer Company Limited, Gujarat
Rangsutra in Kerala
Sahyadri Farmer Producer Company, Nasik
Nachalur Farmer Producer Company, Tamil Nadu etc
Public company is one of the popular and well known forms of business structure. Besides Company various other business form is prevalent in India like proprietorship, HUF, Firm, LLP etc. Although when considered from the prospective of legal entity and perpetual succession as a feature of form of business after Company, formation of LLP is considered to be apt.
In the current scenario, some businessman already running their business through companies thinks it fit to convert its Company into LLP due to below given reasons:
Regulatory authorities are gradually becoming stricter by introducing new corporate governance practice for Companies as compared to private company due to increased stakeholder interest;
Increasing penalties and imprisonment for non-compliance of provisions;
To retain control over business by few people;
Easy management;
Reduction of extra compliance as applicable on Companies;
Legal Compliance Cost Saving.
Auditors are appointed by the members at the general meeting of the Company, similarly power to remove auditor before his/her/its term is also entrusted with the members. Further in case of resignation of auditor the casual vacancy arise will be also be filled ultimately through members of the Company at the members meeting.
Section 139 of Companies Act, 2013 (“Act”) explains the situation of casual vacancy whereas Section 140 of the Act deals with removal, resignation of auditor and giving of special notice.
Extensible Business Reporting Language (XBRL) is a language for the electronic communication of business and financial data which is revolutionizing business reporting around the world. It is a manner of submission of financial statement with the authorities.
All Companies incorporated in India are required to file their financial statements with the ROC or other authorities, these filings are done by submitting details and copy of balance sheet and profit and loss statement. Such filing can also be completed through XBRL mode whereby financial details of Company are submitted in more exhaustive form with the regulators.
Director Identification Number (DIN) is the unique number allotted to Director as their identity of being Director.
The Central Government has been entrusted with the power to allot DIN to applicants who are aspiring to become Directors. This power of Central Government is delegated to the Regional Director (Northern Region), Noida generally known as DIN Cell.
A person can be allotted DIN once and it will remain same through the life-time of the applicant and shall not be allotted to any other person.
However, it could happen that sometime need arises to cancel or deactivate the already allotted DIN. In such case the Central Government has power to deactivate/cancel/surrender DIN suo-motto, provisions of which is given under Companies Act 2013.
In India, various business models exist like proprietorship, company, limited liability partnership (LLP), HUF etc. among these Partnership Firm is one of the popular and widely accepted form of business where two or more person are intending to carry on any business activities. As when more than one or two person are willing to start business, sole proprietorship may not be appropriate form whereas formation of Company requires sufficient amount of fund and calls for various compliances, thus in such scenario forming a Partnership Firm turns out to best alternative.
Since partnership as a form of business has its own limitation like no separate legal entity, no limited liability, capital funding crunches etc., partners are now inclining towards conversion of their partnership firm into a Limited Liability Partnership having features similar to a corporate.
Formation and structuring of any business depends upon various factors like financial stability, control over business, management decisions etc. on basis of such factors businessperson decides to adopt model for his business that could be a sole proprietorship, partnership firm, company, HUF etc.
In India, setting up of business in form of a Company is highly favoured and accepted when compared with other forms of business. Although a Company itself can be incorporated into three categories, Private Limited Company or Public Limited Company or One Person Company, thereafter it can bifurcated as per the nature of business, capital, guarantee like non-profit organisation, Company limited by guarantee etc.
People were generally inclined towards formation of private company as it can be easily formed when compared to incorporation of a public limited company. However, with the enforceability of Companies Act, 2013, new concept in India, One Person Company has gained significant popularity due to its unique features like ownership and control is retained by single person similar to a sole proprietorship which makes the idea of incorporating a one person company lucrative to all sort of businessperson.
One Person Company is easily incorporated with sole member , one nominee and one director only. Any person can arrange for nominee and in almost every OPC sole member acts as director, thus there is no hassle in constituting board of director as required in case of private company. As OPC is a hybrid form of sole proprietorship and a private company it enjoys benefit of both including but not limited to full control over business, easy management, lesser compliance, separate legal entity etc.
William Shakespeare once said “What's in a name?” seldom he knew that after centuries, it is “the Name” only that will matters be it for individual or for corporates.
Name is an identity for any Company by which it makes its presence in the corporate world. But corporates too recourse to change in name of their Companies and continue their presence with a new name
Process for Declaration & Payment of DividendLegalDelight
“Dividend” means a distribution of any sums to Members by the Company out of profits and wherever permitted out of free reserves available with the Company.
Dividend is basically a return on investment made by an investor in any Company. Generally when business of any company is thriving, Company either resorts to reinvest the profits into the business or distribute a part of their earning among the shareholders as dividend on shares.
Based on the profit or retained earnings, management of the Company may decide for quantum of the dividend to be paid.
Do you want to become an businessman and have an idea of running an app or software and looking for software developer to help you to build the brick of your dreams then trust us in today’s time, engaging a software developer is seems like a cakewalk, if only, considered in broader concept, however the reality is far different where the cakewalk may turn into walking alongside dinosaurs as in a Jurassic park, where any time situations overturn leading into a grave uncertainty.
well-executed contract is the need of an hour to get the complete control and ownership over the software, else, might be possible you will find yourself in a situation where you have spent lots of money on development of software and got nothing in return.
Tough, there can’t be “One Size Fits All” kind of contract for software/ app development, but in this Article, we would emphasize our focus area to make Businessman understand the clauses and negotiation points to be discussed while taking services of software developer.
Every draftsman while drafting any contract must have acquired and develop certain skills so that he/ she can suitably do the justice with any contract and the draftsman should have the knowledge of exact intention and the purpose of entering into contract so that the draftsman can successfully give legal written shape to the intention of the parties without any ambiguity, violating and breaching any applicable law which might be applicable upon the parties to the contract.
Advanced mobile phone, PC combined with web entrance has expanded ecommerce based business exchange as of late at an excellent speed. In this way every business person needs to have web presence currently like the physical presence which was significant in earlier times. Presently both presence (physical and online) is by all accounts need of current days particularly for youthful business visionary.
In this time of modernisation, where the life of city, with accessibility of easy facilities and opportunities, appears to attract the youth of the society. The reason behind attractions is to achieve their dreams and to be independent. Numerous individuals go out and move to another city just to win an occupation, since they are out of their home town they have to stay in Hostels, PG's or leased house.
Salma Karina Hayat is Conscious Digital Transformation Leader at Kudos | Empowering SMEs via CRM & Digital Automation | Award-Winning Entrepreneur & Philanthropist | Education & Homelessness Advocate
Explore Sarasota Collection's exquisite and long-lasting dining table sets and chairs in Sarasota. Elevate your dining experience with our high-quality collection!
How to Build a Diversified Investment Portfolio.pdfTrims Creators
Building a diversified investment portfolio is a fundamental strategy to manage risk and optimize returns. For both novice and experienced investors, diversification offers a pathway to a more stable and resilient financial future. Here’s an in-depth guide on how to create and maintain a well-diversified investment portfolio.
What You're Going to Learn
- How These 4 Leaks Force You To Work Longer And Harder in order to grow your income… improve just one of these and the impact could be life changing.
- How to SHUT DOWN the revolving door of Income Stagnation… you know, where new sales come into your magazine while at the same time existing sponsors exit.
- How to transform your magazine business by fixing the 4 “DON’Ts”...
#1 LEADS Don’t Book
#2 PROSPECTS Don’t Show
#3 PROSPECTS Don’t Buy
#4 CLIENTS Don’t Stay
- How to identify which leak to fix first so you get the biggest bang for your income.
- Get actionable strategies you can use right away to improve your bookings, sales and retention.
Textile Chemical Brochure - Tradeasia (1).pdfjeffmilton96
Explore Tradeasia’s brochure for eco-friendly textile chemicals. Enhance your textile production with high-quality, sustainable solutions for superior fabric quality.
Best Crypto Marketing Ideas to Lead Your Project to SuccessIntelisync
In this comprehensive slideshow presentation, we delve into the intricacies of crypto marketing, offering invaluable insights and strategies to propel your project to success in the dynamic cryptocurrency landscape. From understanding market trends to building a robust brand identity, engaging with influencers, and analyzing performance metrics, we cover all aspects essential for effective marketing in the crypto space.
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When listening about building new Ventures, Marketplaces ideas are something very frequent. On this session we will discuss reasons why you should stay away from it :P , by sharing real stories and misconceptions around them. If you still insist to go for it however, you will at least get an idea of the important and critical strategies to optimize for success like Product, Business Development & Marketing, Operations :)
Reflect Festival Limassol May 2024.
Michael Economou is an Entrepreneur, with Business & Technology foundations and a passion for Innovation. He is working with his team to launch a new venture – Exyde, an AI powered booking platform for Activities & Experiences, aspiring to revolutionize the way we travel and experience the world. Michael has extensive entrepreneurial experience as the co-founder of Ideas2life, AtYourService as well as Foody, an online delivery platform and one of the most prominent ventures in Cyprus’ digital landscape, acquired by Delivery Hero group in 2019. This journey & experience marks a vast expertise in building and scaling marketplaces, enhancing everyday life through technology and making meaningful impact on local communities, which is what Michael and his team are pursuing doing once more with Exyde www.goExyde.com
2. What is Strike Off
Strike off in general term is known as to remove or erase someone from somewhere from
which it used to exist. In business term strike off of Companies means cessation of
existence of a Company and removing the name of the Company from the database of list
of companies maintained with the Ministry of Corporate Affairs of India.
2
3. Type of Strike Off
Company can exit from its corporate entity in two ways. In both cases existence of
Company puts to an end.
◎ Suo Moto/Voluntary Strike Off: When a Company itself makes an application to the
Registrar of Companies for removal of its name from database of Registrar, it is
called as Strike off by the Company on its own. To read more about voluntary strike
off click here.
◎ Compulsory/Mandatory Strike Off: The Registrar of the Companies when satisfied
that Company is not carrying any business or not complied certain provisions , the
Registrar on its own issue notice to the Company for its striking off.
3
4. Rationale behind
Strike off by ROC
◎ In recent past years, MCA has realised that there are various companies in India
which are incorporated under an Act but they are not doing any business. Such
Companies are generally called as shell companies which are created for purpose for
money laundering or to show paper transaction to avail tax exemptions.
◎ The Companies Act, 2013 does not define the term Shell Company. However, the
Organization for Economic Cooperation and Development (OECD) defines a Shell
Company as a company which is formally registered or otherwise legally organized in
an economy but which does not conduct any operation in that economy.
◎ As per official documents, 2.97 lakh companies were identified under this category
as on 31.03.2017 and after following due process names of 2,26,166 companies were
struck off from the ROC as on 31.12.2017.
◎ Over 4.3 lakh inactive companies, including shell companies, had been struck off the
ROC since Financial Year 2018, with around 55,000 companies being struck off after
the latest effort to identify such corporates. There were around 11.87 lakh active
companies as on January 31, 2020, according to government data.
4
5. When ROC Strike
Off a Company
Every Company while in its subsistence is legally bound to comply with the provisions of
the Act and to submit returns or documents in timely manner as per the Act and to carry
business for which company was incorporated.
When the ROC has reasonable cause the believe that any Company is not following the
provisions of the Act and is in default for certain compliance, then in such case the ROC
has power to remove the name of the Company from ROC.
Section 248(1) states that in below given conditions, the Registrar has power to remove
name of company after serving notices and giving reasonable opportunity of being
heard:
◎ When a company has failed to commence its business within one year of its
incorporation.
◎ When a company is not carrying on any business or operation for a period of two
immediately preceding financial years and has not made any application within
such period for obtaining the status of a dormant company. i.e. Non submission of
annual return and annual financial statements.
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6. When ROC Strike
Off a Company
◎ When the subscribers to the memorandum have not paid the subscription which
they had undertaken to pay at the time of incorporation of a company and a
declaration to this effect has not been filed within one hundred and eighty days of its
incorporation.
◎ When the company is not carrying on any business or operations, as revealed after
the physical verification carried out under sub-section (9) of section 12. i.e.
inspection of registered office of the Company.
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7. Steps to be taken
by ROC for Strike
Off
7
The Registrar has reason to believe that Company breaches condition given in
section 248(1) of the Act
The Registrar will send notice to the Company and all Director in Form of STK-5
Notice will state intention of the Registrar to remove the name of the Company
Notice shall provide opportunity to make representation within 30 days of date of
notice
The ROC will also publish a notice in the Official Gazette and in newspaper for the
information of the general public in Form of STK-5
8. Steps to be taken
by ROC for Strike
Off
8
The ROC will inform authorities like IT, Excise etc. for seeking objection, if any, in
30 days and in case of no reply, it shall be considered as Deemed Consent.
If representation not received with 30 days or representation not seem satisfactory,
ROC will Strike Off the name of the Company
If Company comply with all pending returns or give proper justification ROC if
satisfied will not strike off the name of the Company
The ROC will again also publish a notice in the Official Gazette for the information
of the general public in STK-7
The ROC will also publish the notice on the website of the MCA
9. Restriction on ROC
to issue Strike Off
Notice
As per rule 3 of the Companies (Removal of Name of Companies from the Register of
Companies) Rules, 2016 following companies can not be removed by the ROC :
◎ Listed Companies;
◎ Companies that have been delisted due to non-compliance of listing regulations or
listing agreement or any other statutory laws;
◎ Vanishing Companies;
◎ Companies where inspection or investigation are pending in the Court;
◎ Companies where any prosecution, inquiry or scrutiny, if any, is pending with the
Court arising out non-compliance of provisions of the Act or old act;
◎ Companies, which have accepted public deposits which are either outstanding or the
company is in default in repayment of the same;
◎ Companies having charges which are pending for satisfaction; and
◎ Companies registered under section 8 of Companies Act, 2013 or section 25 of
erstwhile Companies Act, 1956
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10. Legal Aspects of
Strike Off
◎ As per section 250 of the Act, Name of the Company will be removed from the ROC.
The COI issued to it shall be deemed to have been cancelled from such date except
for the purpose of realising the amount due to the company and for the payment or
discharge of the liabilities or obligations of the company.
◎ As per section 248 of the Act, The liability, if any, of every director, other officer who
was exercising any power of management and of every member of the company
dissolved shall continue and may be enforced as if the company had not been
dissolved.
◎ The ROC, shall satisfy himself that sufficient provision has been made for the
realisation of all amount due to the company and for the payment or discharge of its
liabilities and obligations by the company within a reasonable time and, if necessary,
obtain necessary undertakings from the managing director, director or other persons
in charge of the management of the company:
◎ The assets of the company shall be made available for the payment or discharge of all
its liabilities and obligations even after the date of the order removing the name of
the company from the register of companies.
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11. Restoration of
Struck Off
Companies
Section 252 of Companies Act, 2013 states the provision where a struck off company can
be restored after making an appeal to NCLT. Such appeal can be filed in three ways as
given below:
1. By Aggrieved Person:
◎ If a Company got struck off and any person is aggrieved by such order he may file
an appeal to NCLT within a period of 3 years from the date of order.
◎ If NCLT is of opinion that strike off was not justified, it can order to restore the
Company in the Register of Companies.
◎ In such case NCLT shall give a reasonable opportunity of making representations
and of being heard to the Registrar, the company and all the persons concerned.
2. By Registrar of Companies
◎ If a Company got struck off and ROC is satisfied that name got struck of
inadvertently or on the basis of incorrect information furnished by the company,
ROC may within a period of 3 years from the date of order make an appeal to
NCLT.
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12. Restoration of
Struck Off
Companies
◎ If NCLT is of opinion that strike off was not justified, it can order to restore the
Company in the Register of Companies.
◎ In such case NCLT shall give a reasonable opportunity of making representations
and of being heard to the Registrar, the company and all the persons concerned.
3. By Company or member or creditor or workman
◎ After strike off of Company, the company, member, creditor or workman may file
an appeal to NCLT before the expiry of 20 years from the date of order to restore
the name of the Company.
◎ If NCLT is of opinion that strike off was not justified, it can order to restore the
Company in the Register of Companies.
◎ In such case NCLT shall give a reasonable opportunity of making representations
and of being heard to the Registrar, the company and all the persons concerned
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13. ROC Strike Off
Forms at Glance
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STK 5 Public notice given by the Registrar when Registrar gives notice
to Company
STK 7 Notice of Strike off of Company by the Registrar