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Striking Off a Company

Key Features & Advantages
A quicker and simpler process for winding up a company, ideal for inactive businesses with minimal liabilities. Under Sections 248 to 252 of the Companies Act, 2013, the Registrar of Companies (ROC) has the authority to strike off a company’s name from the register either upon the company’s request or on the ROC’s own initiative, provided specific conditions are met.
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Work Process

How We Work

01

Board Resolution

The company must either pass a special resolution or secure approval from 75% of its members based on paid-up share capital in order to apply for removal from the register.

02

Extinguishing Liabilities

The company must have no pending liabilities and should have discontinued all business activities.

03

Application to ROC

File Form STK-2 with the required fee and necessary supporting documents to the Registrar of Companies (ROC)

Checklist

Documents Required

Indemnity bond (Form STK-3)
Statement of liabilities and assets, certified by a chartered accountant
Special resolution consent
Affidavit (Form STK-4)
Relevant regulatory authority's approval, if applicable

Outline of Striking Off a Company
Striking off a company is a lawful method that includes the expulsion of a company’s title from the Enlistment center of Companies (ROC), viably dissolving the substance. This handle offers a speedier and less complicated elective to the formal winding-up strategy, making it an alluring alternative for companies that no longer wish to proceed their operations. Our 2024 direct gives a point by point diagram of the steps, required documentation, and key contemplations included in striking off a company, as well as a comparison with the more comprehensive winding-up process.

Difference Between Winding Up and Striking Off a Company

Winding Up: Winding up is a intensive lawful handle where the company's resources are exchanged to pay off its obligations. The remaining resources are at that point conveyed among the shareholders. This prepare can either be deliberate or started through a court arrange. It includes a nitty gritty arrangement of activities to guarantee the company’s undertakings are completely settled, counting designating vendors and informing creditors.

Striking Off: Striking off is a speedier, less complex way to break down a company, regularly utilized for companies that are outdated and have no critical liabilities. The company may apply to the ROC for striking off, or the ROC may start the handle on its claim agreement beneath certain conditions, as laid out in Segments 248 to 252 of the Companies Act, 2013. This strategy is not appropriate for companies with progressing operations or extraordinary debts.

Conclusion

Striking off a company is a commonsense arrangement for substances that wish to break down without going through the more complicated and time-consuming winding-up handle. It is an productive elective for companies that are no longer dynamic and have no noteworthy liabilities. By taking after the appropriate steps and guaranteeing all essential documentation is submitted, companies can total the striking-off strategy with ease. Be that as it may, companies ought to carefully survey their circumstance and look for proficient direction if essential to guarantee compliance with legitimate prerequisites and dodge complications. For assist help, counseling with legitimate or corporate specialists is suggested to explore this handle easily.

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