Winding Up of a Company
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- How to close a company in India
- Apply for strike off with Registrar of Companies
- Procedure for closing a Private Limited Company in India
Fast Track Exit (FTE) Scheme
1. What is Fast Track Exit Mode?
Ministry of Corporate Affairs has issued Guidelines for “Fast Track Exit (FTE) Mode” to give opportunity to the defunct companies to get their names struck off from the register under Section 248 of the Companies Act, 2013 in time bound manner.
2. What are the main criteria for making an application under FTE?
There are two main criteria:
- The company applying under FTE should not have any asset and liability.
- The company should not have commenced any business activity or operation since incorporation or at least 1 year must have been passed since last business activity or operation.
3. Which are the companies to whom FTE is not applicable?
The guidelines shall not apply to the following class of companies:
- 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 is ordered and being carried out or actions on such order are yet to be taken up or were completed but prosecutions arising out of such inspection or investigation are pending in the Court
- companies where notices under section 234 of the Companies Act, 1956 (1 of 1956) or section 206 or section 207 of the Act have been issued by the Registrar or Inspector and reply thereto is pending or report under section 208 has not yet been submitted or follow up of instructions on report under section 208 is pending or where any prosecution arising out of such inquiry or scrutiny, if any, is pending with the Court
- companies against which any prosecution for an offence is pending in any court
- companies whose application for compounding is pending before the competent authority for compounding the offences committed by the company or any of its officers in default
- 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 25 of the Companies Act, 1956 or section 8 of the Companies Act, 2013.
4. What is the procedure for making application for striking off the name under FTE?
The company desirous to get its name struck off from the Register shall file an application in the prescribed e-Form STK-2 with the Registrar. The form shall be accompanied with an affidavit, an indemnity bond, statement of account duly certified by a Chartered Accountant in practice or auditor of the company and copy of board resolution showing authorization for filing the form.
5. Is there any fee for filing e-Form STK-2?
Yes, applicant is required to file an application in the prescribed e-Form STK-2 along with prescribed Govt fee of Rs.10,000/-
6. What is the manner of notarization, apostilisation or consularisation of indemnity bond and declaration in case of foreign nationals or non-resident Indians?
If the person is a foreign national or non-resident Indian, the indemnity bond, and declaration shall be notarized or apostilised or consularised.
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