Strike Off Company

Strike Off Company

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OVERVIEW

The process of striking off is an alternate mechanism to the winding up of a company. The Companies Act facilitates two modes of strike-off – namely, strike off by the ROC (Registrar of Companies) under Section 248(1) of the Companies Act 2013, and strike off by a company on its own accord under Section 248(2) of the Companies Act, 2013. This article dwells into the concept of strike off of Company concerning both of these provisions.

strike off process

PROCEDURE FOR STRIKE OFF

1.  ROC shall send notice in STK-1 to the Company and all the Directors by speed post.

2 . The notice shall contain the reason for the removal of the name and seek the representative of the Company.

3The Company shall send the required documents and representation within 30 days from the date of the notice.

4 . On satisfaction of representation, the ROC may drop out the strike off. IF ROC is not satisfied, then it may proceed with a strike off the name of a company.

5 . The notice for removal of name under sub-section (1) of section 248 in STK-5 shall be published on the official website of MCA, in Official Gazette, English newspaper and one vernacular language at the place registered office is situated.

6 . TO ROC shall also intimate to the Authorities regulating the Company about the proposed action of removal or striking off the names of such companies.

7 . If no cause to the contrary is shown by the company, ROC may on expiry of the time mentioned in the notice strike off the name of the Company and shall be published in Official Gazette.

Documents to be submitted with strike off application.

Indemnity bond duly notarised by every director in Form STK 3.
A statement of accounts containing assets and liabilities of the company made up to a day, not more than thirty days before the date of application and certified by a CA.
An affidavit in Form STK 4 by every director of the company.
A copy of the special resolution duly certified by each of the directors of the company or consent of 75% of the members of the company in terms of paid up
share capital as on the date of application.
A statement regarding pending litigations, if any, involving the company.
In case the company is regulated under the special Act then approval of the concerned regulatory body shall also be obtained and annexed with the application
of strike off.
Company is required to place application of Strike off on website of company if any.

 

FREQUENTLY ASKED QUESTIONS

Yes, any type of company formed/incorporated by Offshore Company Corp in anyjurisdiction can apply for deregistration/strike-off.
Yes. A company is required to file Annual Returns and observe its obligations under the Companies Ordinance until it has been dissolved. Failure to do so will make the company liable to prosecution.
An application for the restoration can be made to the Court of First Instance or Withdraw. Offshore Company Corp can help you do it!
Provided that your company is solvent properly, you can arrange for voluntary liquidation. It is a formal and complete way of winding-up your company. Upon completion, a Certificate of Dissolution will be issued by the Company Registry.
Depending on the jurisdiction you are incorporated in and the status of your business, it normally it takes 1-2 months, but it may be five months for companies incorporated in Hong Kong, Singapore, and the UK.
Winding up is the process of settling the accounts and liquidating the assets of a company to make distribution of the net assets to members and dissolving the company.Deregistration is A defunct solvent company; it is a relatively simple, inexpensive and quick procedure for dissolving defunct solvent companies. As for striking off, the Registrar of Companies may strike the name of a company where the Registrar has reasonable cause to believe that the company is not in operation or carrying on a business. The company shall be dissolved when its name is struck off the Companies Register. Striking off is a statutory power conferred on the Registrar, a company cannot apply for striking off.

 

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