Prasad 08 July 2015

Dissolving a company with 1 year pending filings

Hi,

I started a pvt ltd company in 2009 and all filings are in place till the fiscal 2012-2013. Due to some medical emergencies, I did not do business post 2013. 1st April till date there are only 2 transactions in the company and that too some professiona fees paid. Now I want to revive my business as the medical emergency as ceased. I am informed that there are too many fines imposed for late filings. So is it better to dissolve the company or pay the fines and revive it. I have no assets or liabilities from the company so basically 0 balance sheet for years. Please help.

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Krishna (Professional) 09 July 2015

Given that the Company does not have any assets and liabilities, the directors can close down the company. There is a simple route, technically known as Strike-off, available for closing down the company. At your end, you would need to do the Cost-Benefit-Analysis between the two options (a) revive the existing company or (b) close-down the existing company and incorporate new. Take the services of a Company Secretary. In case you choose the second option, closing will still be possible without completing the pending compliances of the existing company.