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Winding Up - Company

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Take your first step towards winding up your Business. A Company not commenced its business within one year from the date of incorporation/inactive for two years/not a Dormant Company.

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  • Validation of DSC, DIN eKYC, Auditor Appointment, GST Return Filing, Annual Return Filing, Commencement of Business Filing.

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Pricing Summary

Market Price : ₹4000
IGLI FINANCIAL : ₹2457 excl.GST
: ₹2899 incl.GST
GST Credit : ₹442
You Save : ₹1543(39%)

    Overview

    Winding up is the liquidation of Company’s assets which are collected and sold in order to pay the debts incurred. When the company winding up takes place firstly the debts, expenses and costs are paid away and distributed among the shareholders.

    Once the Company is liquidated it is formally dissolved and the Company ceases to exists.

    Winding up is the legal mechanism to shut down a company and cease all the activites that re carried on . After the Company winding up the existence of the Company comes to an end and the assets are monitored so that the stakeholders interest is not hampered.

    A Private Limited Company is an artificial judicial person and requires various compliances if the company fails to maintain these compliances there are fines and penalties or even disqualification of the Directors from further incorporating a Company. It is always a better to wind up a company that has become inactive or where there are no transaction.

    THe shareholders of the Company can initiate the winding up of the company anytime. If there are secured or unsecured creditors or employees on roll then all the dues need to be settled. After settling the dues it is necessary to close all the Compamny bank accounts. The GST registration must also be surrendered in case of Company wind up.

    Once all the registration are surrendered the winding up application petition can filed with the Ministry of corporate affairs.

    Required Details & Deliverables

    • Incorporation certificate
    • Company PAN Scan Copy
    • Director’s Pan
    • Director’s Aadhar
    • Latest Utility Bill
    • COB Filed Acknowledgement
    • Last Filed AOA Copy
    • Last Filed MOA Copy
    • GSTR-10 Filed Acknowledgement
    • Latest ITR Filed Acknowledgement
    • Bank Account Closure Letter
    • Bank Statement

     

    Process

    What are the different ways in which an individual can windup a Company?

    A company can be wound up in two different ways-

    • Voluntary winding up of a Company
    • Compulsory winding up of a company

    1. Voluntary Winding up of a Company

    The Winding up of a Company can be done voluntarily by the members of the Company, if :

    • The company passes a special resolution for winding up the Company.
    • The Company in general meeting passes a resolution which requires a company to wind up voluntarily as a result of the expiry of the period of its duration, any as per the Articles of Association or on the occurrence of any event in respect of which the articles of association provide that the company should be dissolved.

    Procedure for Voluntary winding up of a Company

    • Convene a board meeting with the Directors in which a resolution should be passed with a declaration by the directors that they have made an enquiry in the affairs of the Company and the company no debts or the Company will pay from the precedes of the assets sold in the voluntary wind up of the company.
    • Notices should be issued in writing to call for the general meeting of the Company proposing the resolutions, with a suitable explanatory statement.
    • Pass the ordinary resolution for winding up of the Company in the generally meeting by ordinary majority or special resolution by 3/4 majority. The Winding up of the Company shall commence from the date of passing the resolution.
    • A meeting of the creditors should be conducted on the same day or the next day of passing the resolution regarding winding up. If the 2/3rd value of the creditors are of the opinion that it is in interest of all parties to windup the Company, the the Company can wound up voluntarily.
    • Within 10 days of passing the resolution for company winding up , a notice for appointment of liquidator must be filed with the registrar.
    • Within 30 days of the general meeting for the winding up the certified copies of the ordinary or special resolution passed in the general meeting for the winding up of the Company.
    • The affairs of the company need to be wind up and prepare the liquidators account of the Winding up account and to get it audited.
    • Call for the final General meeting of the Company.
    • A special resolution should be passed for the disposal of the books and the papers of the company when the affairs of the company are completely wound up and it is about to be dissolved.
    • Within two weeks of the general meeting of the Company, file a copy of the accounts and file and the application to the tribunal for passing an order for the dissolution of the company.
    • The tribunal shall pass an order dissolving the company within 60 days of receiving the application.
    • The company liquidator is required to file a copy of the order with the registrar.
    • The registrar will then on receiving the copy of the order passed by the Tribunal then publish a notice in the official gazette that the Company is dissolved.

    2. Compulsory winding up of a Private Limited Company

    Tribunal is responsible for this kind of wind up of Companies.

    Here are the reasons for the same:

    • Unpaid debts of a Company
    • When a special resolution is passed fort winding up
    • An unlawful act by a company or the management of the Company
    • If the company is involved in fraudulent acts or misconduct
    • If the annual returns or financial statements are not filed for five consecutive years with the ROC
    • The Tribunal is of the view that the company should windup.

    Procedure for compulsory winding up of a Company

    Step:1 Is to File a petition to the tribunal along with the statement of the affairs of the Company that is to wind up.

    Step:2 The tribunal will either accept or reject the petition if the person other than company files a petition then the tribunal may ask the company to file objection. it goes along with the statement of affairs within 30 days.

    Step:3 Liquidator needs to be appointed by the tribunal for the winding up process. The liquidator carries out the function of assisting and monitoring the liquidation proceedings.

    Step:4 Liquidator is supposed to prepare a draft report for approval. when the draft report gets approved he shall submit the final report to the tribunal for passing the winding up order.

    Step:5 It is necessary of the liquidator to forward a copy to the ROC within 30 days,If he fails to do so then he will get a penalty.

    Step:6 If the ROC finds the draft satisfactory he then approves the winding up of the Company and the name of the Company is striked from the register of Companies.

    Step:7 ROC sends notice for Publication in the official gazette of India

    FAQs

    Winding up is a more elaborate process that must be followed when the company has assets and liabilities. Striking off is preferred by companies with few or no outside liabilities because it is a much simpler process.

    A liquidator is a person appointed by the court to oversee the process of winding up a company and manage its affairs.

    Possible reasons for liquidation are:

    • Insolvency.
    • Bankruptcy.
    • Unwilling to continue business operations.
    • Once liquidation is complete, the directors bear no liability to any stakeholder.
    • The company can avoid legal actions from court or tribunal if the directors pass a voluntary declaration.
    • Liquidation costs lower than any other methods of closure.

    A corporate person who intends to voluntarily liquidate themself and has not committed any default may initiate the voluntary winding up.

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    • Upto 4 name options can be given in 1 RUN name approval request.
    • Authorised capital is the amount of shares a company can issue at anytime and can be increased further in the future. Paid-up capital is the amount invested by shareholder and can be even Rs.2.
    • Additional Directors can be added for an additional price of Rs.1199 - if DSC & DIN is available. In case no DIN or DSC is available, cost for adding additional Director will be Rs.2,199 inclusive of GST.
    • Additional authorised capital can be purchased if requried at time of incorporation.
    • Digital signatures from eMudhra with 2 year validity along with ePass 2003 token
    • Statutory Auditor fee is payable on actuals directly to the Independent Auditor appointed by the Board of Directors. IGLI FINANCIAL will only be responsible for accounting, preparation of financial statements and filing of returns on behalf of the Company.
    • In case of incorporation in Madhya Pradesh, an additional stamp duty of Rs.7500 will be applicable. In case of incorporation in Punjab, an additional stamp duty of Rs.10, 000 will be applicable. In case of Kerala, an additional stamp duty of Rs.3000 will be applicable.
    • Upto 4 name options can be given in 1 RUN name approval request.
    • Authorised capital is the amount of shares a company can issue at anytime and can be increased further in the future. Paid-up capital is the amount invested by shareholder and can be even Rs.2.
    • Additional Directors can be added for an additional price of Rs.1199 - if DSC & DIN is available. In case no DIN or DSC is available, cost for adding additional Director will be Rs.2,199 inclusive of GST.
    • Additional authorised capital can be purchased if requried at time of incorporation.
    • Digital signatures from eMudhra with 2 year validity along with ePass 2003 token
    • Statutory Auditor fee is payable on actuals directly to the Independent Auditor appointed by the Board of Directors. IGLI FINANCIAL will only be responsible for accounting, preparation of financial statements and filing of returns on behalf of the Company.
    • In case of incorporation in Madhya Pradesh, an additional stamp duty of Rs.7500 will be applicable. In case of incorporation in Punjab, an additional stamp duty of Rs.10, 000 will be applicable. In case of Kerala, an additional stamp duty of Rs.3000 will be applicable.
    • Government Fee & Stamp Duty* ( Limited Including )
    • 2 Digital signatures from eMudhra with 2 year validity along with ePass 2003 token.Second List Item
    • Upto 4 name options can be given in 1 RUN name approval request.Third List Item
    • Additional Partners can be added for an additional price of Rs.1199 - if DSC & DIN is available. In case no DIN or DSC is available, cost for adding additional Partner will be Rs.2,199 inclusive of GST.
    • Government Fee & Stamp Duty* ( Limited Including )
    • 2 Digital signatures from eMudhra with 2 year validity along with ePass 2003 token.Second List Item
    • Upto 4 name options can be given in 1 RUN name approval request.Third List Item
    • Additional Partners can be added for an additional price of Rs.1199 - if DSC & DIN is available. In case no DIN or DSC is available, cost for adding additional Partner will be Rs.2,199 inclusive of GST.
    • IGLI FINANCIAL shall not be responsible for any delay in making of the requisite filings and the client is solely responsible for the delay and any penalty that may be levied on account of such delay. The client should be aware of the due dates and compliances inter-alia under various laws, acts, regulations and rules and we are solely responsible for compliances under all applicable laws and shall be responsible for payment of any penalty or losses that arise on account of non-compliance of any applicable laws, rules, regulations and acts.
    • The above pricing is applicable for businesses with turnover upto 30 lakhs . In case of larger business, extra charges would be applicable.
    • All data provided by the Client will remain confidential with IGLI FINANCIAL unless pursuant to any order or requirement of a court, administrative agency, or other governmental body.
    • The client will be responsible for verifying the information contained in such returns and/or filings prior to approving/signing such return/filing.IGLI FINANCIAL shall not be responsible for any liability that may arise on account of the information being false and/or incomplete.
    • IGLI FINANCIAL shall not be responsible for any delay in making of the requisite filings and the client is solely responsible for the delay and any penalty that may be levied on account of such delay. The client should be aware of the due dates and compliances inter-alia under various laws, acts, regulations and rules and we are solely responsible for compliances under all applicable laws and shall be responsible for payment of any penalty or losses that arise on account of non-compliance of any applicable laws, rules, regulations and acts.
    • The above pricing is applicable for businesses with turnover upto 30 lakhs . In case of larger business, extra charges would be applicable.
    • All data provided by the Client will remain confidential with IGLI FINANCIAL unless pursuant to any order or requirement of a court, administrative agency, or other governmental body.
    • The client will be responsible for verifying the information contained in such returns and/or filings prior to approving/signing such return/filing.IGLI FINANCIAL shall not be responsible for any liability that may arise on account of the information being false and/or incomplete.
    • Strict confidentiality requirements will be met with no disclosure by us to other parties without your consent, unless otherwise required by law or professional obligation. You may provide us with permission to disclose your confidential information in certain circumstances, or place conditions on the disclosure of certain confidential information. If you do so, we will have permission to disclose the relevant information accordingly, in the performance of our services, unless you instruct us otherwise in writing.
    • The client will be responsible for verifying the information contained in such returns and/or filings prior to approving/signing such return/filing. IGLI FINANCIAL shall not be responsible for any liability that may arise on account of the information being false and/or incomplete. IGLI FINANCIAL shall not be responsible for any delay in making of the requisite filings and the client is solely responsible for the delay and any penalty that may be levied on account of such delay. The client should be aware of the due dates and compliances inter-alia under various laws, acts, regulations and rules.
    • The client will be responsible for paying all types of government fee, penalty, statutory audit fees and taxes associated with the engagement. IGLI FINANCIAL Accountants are only responsible for preparation of accounting and statutory returns. The Client is responsible for the reliability, accuracy and completeness of the accounting records, particulars and information provided and disclosure of all material and relevant information. Clients are required to arrange for reasonable access by us to relevant individuals and documents, and shall be responsible for both the completeness and accuracy of the information supplied to us. Any advice given to the Client is only an opinion based on our knowledge of the Client's particular circumstances
    • Strict confidentiality requirements will be met with no disclosure by us to other parties without your consent, unless otherwise required by law or professional obligation. You may provide us with permission to disclose your confidential information in certain circumstances, or place conditions on the disclosure of certain confidential information. If you do so, we will have permission to disclose the relevant information accordingly, in the performance of our services, unless you instruct us otherwise in writing.
    • The client will be responsible for verifying the information contained in such returns and/or filings prior to approving/signing such return/filing. IGLI FINANCIAL shall not be responsible for any liability that may arise on account of the information being false and/or incomplete. IGLI FINANCIAL shall not be responsible for any delay in making of the requisite filings and the client is solely responsible for the delay and any penalty that may be levied on account of such delay. The client should be aware of the due dates and compliances inter-alia under various laws, acts, regulations and rules.
    • The client will be responsible for paying all types of government fee, penalty, statutory audit fees and taxes associated with the engagement. IGLI FINANCIAL Accountants are only responsible for preparation of accounting and statutory returns. The Client is responsible for the reliability, accuracy and completeness of the accounting records, particulars and information provided and disclosure of all material and relevant information. Clients are required to arrange for reasonable access by us to relevant individuals and documents, and shall be responsible for both the completeness and accuracy of the information supplied to us. Any advice given to the Client is only an opinion based on our knowledge of the Client's particular circumstances
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