Winding up of the company is done by the tribunal. We as a legal service provider make sure to help clients by undertaking the case right from scratch. We follow the Companies At 2013 and work on the Wind Up of Company case by going through the company’s act against the interest of the integrity of the nation and security of the state. After analyzing the case and hearing the case, we take the case forward and resolve it within the given timelines. In addition, we maintain precision and clear-cut work through our entire legal procedure.
EASILY WIND-UP A COMPANY
It is better to wind-up an inactive or dormant company avoid annual compliance formalities and non-compliance penalty. A professional firm can help in winding up of a private limited company.
WHY WIND UP A PRIVATE LIMITED COMPANY?
A private limited company requires several compliances, such as appointment of Auditor, annual return filing, regular filing of income tax return, and more. If these compliances for a company are not maintained, it would result in fines and/or disqualification of the Directors from including another Company. Thus, an inactive private limited company in which there are no transactions, must be closed. Shareholders of the company can initiate voluntary winding up of a company anytime. They must settle the outstanding dues if there are any secured/ unsecured creditors or employees on-roll. After settling all dues, the bank accounts of the company must be closed. At last, the company must regularize any overdue compliance such as annual filing or income tax return, and surrender the GST registration. Once all necessary actions have been taken, the winding up application petition must be filed with the Ministry of Corporate Affairs.
A professional firm like ours can help in winding up the company within 3 to 6 month. Every case is different, therefore the timeline for winding up of a company can also differ.
REASONS OF WINDING UP OF A COMPANY
Avoid Compliance: A company, whether a juristic person or a legal entity is always created under the Companies Act, and is liable to maintain regular compliance throughout the lifecycle. That company needs to be wind-up that is not active and avoid compliance responsibilities.
Fast to Close: It is possible to close a company by filing an application with the MCA in about three to six months. There is an online procedure, which makes it easier and quick to wind up a company in India.
Avoid Fines: A company that fails to file it's compliance on timely basis have to pay fines and penalty like debarment of the Directors from starting another Company. The best way to avoid these complications is to wind up the inactive company.
Low Cost: In comparison to maintaining compliance for a dormant company, it might be more economical to wind up a company to incorporate it again when the time is right.
Easy to Close: A company that is no longer active and has maintained compliance can be closed easily in India. In case of overdue of any compliance, then it must be regularised and registrations surrendered to close the company.