Fast track exit scheme (capital is rs. 25 lacs and investment is rs. 25 lacs)
Hira Kan
(Querist) 05 August 2014
This query is : Resolved
Dear Sir,
Our Paid up Capital is Rs. 25 Lacs and we have invested Rs. 25 Lacs in Govt Bond.
There is no activity since last 3 years in the aforesaid Company.
Can we distribute the investment of Rs. 25 Lacs to the share holders ?
What is the way out for FES ?
Can i close afore said Company under FES.
Please suggest.
Advocate. Arunagiri
(Expert) 05 August 2014
For distribution of the investments to your shareholders, there is no permission is required from the authorities.
But, if you want to wind up the company, file the returns for the three years and wind up the company.
Rajendra K Goyal
(Expert) 05 August 2014
Better proceed for winding up procedure, consult local lawyer.
ajay sethi
(Expert) 05 August 2014
go in for winding up of the company
T. Kalaiselvan, Advocate
(Expert) 05 August 2014
You may follow the experts advise, Even I am of the same opinion and I endorse their views.
KUMAR JAGADEESAN
(Expert) 06 August 2014
Dear Mr.Hira Kan
The Companies Act does not allow distribution of assets except on winding up. For FES there should be neither assets nor liabilities which is not your case. Hence go in for voluntary winding up by shareholders engaging a liquidator and since there are no liabilities the liquidator shall realise the bond amount , distribute the money among the shareholders and submit a report to the HC and the matter would be done.
