This procedure was introduced in section 248 of companies act 20. The companies act, 20 passed by the parliament has received the assent of the president of india on 29th august, 20. Section 244 of companies act, 20 right to apply under. Power to exempt class or classes of companies from provisions of this act. Application for condonation of delay under section 460. Pursuant to section 248 2 of companies act, 20 and rule 41 of the companies removal of names of companies from the register of companies rules, 2016 application by company to roc for removing its name from register of companies form language o english o hindi refer the instruction kit for filing the form. The name of the appellant company was struck off by the registrar of companies. The section 248 to 252 of the act corresponding to the earlier provisions under the companies act 1956 seems more controlling in terms of authorizations and procedures. Roc has the power to remove the name of companies from register of companies under section 248 of companies act, 20. Section 2481 of the companies act, 20 permit the registrar of companies roc to suo motu remove the name of the company on the. Power of registrar to remove name of company from register of companies. Do your legal research on company law matters like formation of company, incorporation of company, memorandum, articles, etc. In the latest provisions of section 248 and in respective rules language are same as was in section 560 of companies act, 1956.
Roc can suomotu or on application of a company issue notice for strike off of name of companies on following reasonscauses. Declaration of solvency dprovisions applicable only to members voluntary windingup. Along with downloading list of sections as per companies act 20. Family law aspect being evolving day by day, the author through. On 29th august, 20, new act came into force with section 248 dealing with power of the registrar to remove name of company from register of companies. Roc may remove companys name from register on suemoto pursuant to section 248 1 of companies act, 20. In exercise of the powers conferred by subsections 1, 2 and 4 of section 248 read with section 469 of the companies act, 20 18 of 20 and in supersession of the companies central government general rules and forms, 1956 except as respects things done or omitted to be done before such supersession, the central government hereby makes the following rules, namely. Registrar of companyroc, by the virtue of power given below section 248, will take. Comprehensive analysis of strike off under companies act 20 covers modes of strike off. Resolved that pursuant to provisions of section 248 2 of the companies act 20 and rules made thereunder and article of associations of the company,consent of the members of the company be and is hereby accorded to close the company and get the strike off the name of the from the register of the companies of registrar of the companies.
Chapter xix revival and rehabilitation of sick companies. Comprehensive analysis of strike off under companies act. Legal papers and also take complete set in pdf format in pen drive and they would take it data from pen drive and return the pen drive. Complete list of sections of companies act, 20 corporate. The registrar shall cause a notice under subsection 5 of section 248 of striking off the name of the company from the register of companies and its dissolution to be published in the official gazette in form stk 7 and the same shall also be placed on the official website of the ministry of corporate affairs. Companies act 20 section 366 citation 62767 bare act. In section 2 of the companies act, 20 hereinafter referred to as the principal act. The provisions of section 2481 of companies act, 20 concerning power of.
Removal of names of companies from the register of companies. One can interpret that if a dormant company want to go for strike off of company. Companies and allied matters act arrangement of sections part a companies part i corporate affairs commission section 1. Attention has, in particular, been drawn to the absence of the deeming provision of sub section 7 of section 4 of the companies act, 1956 in the companies act, 20 new act. Power to acquire shares of minority on takeover 202. Procedure for striking off a company under companies act 20. This act is administered by the ministry of business, innovation, and employment. Inserted by companies amendment act,2015 and is effective from 29th may, 2015. Chapter xxi part i companies authorised to register under this act. Ministry of corporate affairs deregisters 50,000 shell. Filing petitionapplication under section 2521 or section 252 3 of the companies act, 20 before nclt by praveen singh. Section 248 of the companies act, 20 provides for a special procedure to dissolve a company without going through the elaborate procedures of liquidation or winding up through tribunal.
There are changes that may be brought into force at a future date. Act 758 financial services act 20 bank negara malaysia. Strike off closure of companies under section 248 of companies. Companies act 2006, section 248 is up to date with all changes known to be in force on or before 26 april 2020. Section 248 states the provisions of strike off of the company not. Provisions for facilitating reconstruction and amalgamation of companies 201. There is no inspection or investigation order and carried out or yet to be carried out or being carried out against the company and where. Everything about companies act 20, rules, notification. Strike off of company under section 248 of companies act, 20 the companies act 20 provide two modes of strikeoff namely strike off by the roc under section 248 1 of the companies act 20, and. You can also search for keywords within the sections of the act. A person or an association of persons intending to be registered under section 8 of the companies act, 20 as a limited company a has in its objects the promotion of commerce, art, science, sports, education, research, social welfare. Get section wise details on companies act 20 including amendments, references in any provisions as notified by mca in the official gazette. Ministry of corporate affairs deregisters 50,000 shell companies in a week under section 248 of the companies act of 20, the government can proceed with action against dormant companies which have been passive for two consecutive years.
Amendment rules, circulars notifications and orders under. Section 248 of companies act, 20 corporate law reporter. Cairr is a free to use website that provides the indian companies act, 20 at your fingertips. The companies act, 20 ministry of corporate affairs. Omitted by companies amendment act,2015 and is effective from 29th may, 2015.
Registrar for removing the name of the company from the register of companies on all or any. Government has received references seeking clarity about the status of subsidiaries incorporatedto be incorporated by companies incorporated outside india. Full text containing the act, companies act, 20, with all the sections, schedules, short title, enactment date, and footnotes. Fast track exit strikeoff under section 248 of companies. Mca has revised the procedure of striking off the name of the company from the register of companies maintained by the registrar of companies vide its notification dated 26th december 2016 on notifying section 248 to 252 of the companies act, 20. The scheme shall come into force with relevant points in regards to condonation of delay scheme 2018. Section 4 of companies act, 20 memorandum corporate. Section 248 power of registrar to remove name of company from register of companies. Companies act, 20 section 248 striking of name of the company documents could not prove that the company was working whether name to be restores held, no.
Aug 10, 2017 restoration of companies name dissolved under section 248 of the companies act, 20 a company dissolved under section 248 can be restored on the register of companies by national company law tribunal tribunal order. Companies act integrated ready reckoner companies act 20. Read comprehensive analysis of various aspects of the companies act by our expert team for a quick and easy understanding. How to revive a company as per new nclt amendment rules. In exercise of the powers conferred by subsections 1, 2 and 4 of section 248 read with section 469 of the companies act, 20 18 of 20 and in supersession of the companies central government general rules and forms, 1956 except as respects things done or omitted to be done before such supersession, the central government hereby makes the following. The gist of amendment rules, circulars, notifications and orders is also given in each. Chapter xviii removal of names of companies from the register of companies. Companies act 2006, section 248 is up to date with all changes known to be in force on or before 20 april 2020. After that various companies received notice regarding removal of name of a company from the register of companies as per sub section 1 of section 248 of companies act, 20 and rules 3 of the companies rules, 2016.
Strike off of company section 248 companies act 20. Questionnaire removal of name of companies us 248 of. Strike off by registrar of company under section 2481 of the companies act, 20 2. By virtue of the new amendment, some additional grounds have been incorporated into the section. Mar 22, 2017 download a copy of this document in pdf. Aug 11, 2018 ministry of corporate affairs deregisters 50,000 shell companies in a week under section 248 of the companies act of 20, the government can proceed with action against dormant companies which have been passive for two consecutive years. The companies act 20 pdf book is free and available here to download. Note 4 at the end of this reprint provides a list of the amendments incorporated. Section 248 of companies act, 20 power of registrar to remove. Draft rules under companies act, 20 chapterxviii removal of names of companies from the register of companies notice by the registrar to the company for removal of name from register of companies. In this article we have given all the reference books and book authors and topics and contents about the book the companies act 20. Companies act 2014, section 248 irish statute book. Changes that have been made appear in the content and are referenced with annotations. Three grounds are prescribed under section 248 1 of the companies act, 20 for removing the name of.
Sep 11, 2019 the nclat also held that in terms of section 248 5 of the companies act, 20 the adjudicating authority i. Comprehensive analysis of strike off under companies act, 20. Application for removal of name of company an application can be made by company for removing its name from register under section 248 2 of the act by submitting form stk2 along with fees of rs 5,000. Can a disqualification incurred by a director for non. Strike off by registrar of companies roc as per section 248 1 of the companies act, 20.
A general meeting of shareholders should be held by the company by passing a resolution for striking off the name of the company. Power of registrar to remove name of company from registerof companies. The difference between fte under section 560 of companies act, 1956 and under section 448252 of companies act, 20 are as below. The appellant filed the appeal before nclt claiming that it had not been served with notice under section 2481 of the act and the registrar of companies roc had proceeded to issue notice under section 2485. Section 241 of the companies act had been amended to vest the central government with the power to approve any kind of alteration in the financial year of the company while filling any application in prescribed form under the companies act 20. Companies act, 20 bare acts law library advocatekhoj. A company, other than a section 8 company not for profit company may file an application eform stk2. Oct 23, 2015 corresponding sections of the companies act, 1956. The companies act, 20 rules on the companies act, 20 this feature allows you to view the companies act, 20 section wise or chapterwise.
Removal of names of companies rules 2016 corporate law aubsp. Section 463 power of court to grant relief in certain cases. Suo moto by registrarthe registrar may strike off the name of company on its own if. In exercise of the powers conferred by section 247 of the companies act, 20 read with subrule 6 of rule 6 of the companies registered valuers and valuation rules, 2017 the authority hereby grants a certificate of registration to insert name, to act as a valuer in respect of insert asset class in accordance with these rules. Apr 18, 2018 as per section 248 of companies act, 20, a company may after extinguishing all its liabilities, by passing a special resolution or consent of 75% members in terms of paid up share capital file an application in form stk 2 with the registrar for removing the name of the company based on the grounds mentioned in section 248 1 i. Remedy against oppression part xii windingup ageneral 204. Download a copy of this document in pdf section 248 of the companies act, 20 provides for a special procedure to dissolve a company without going through the elaborate procedures of liquidation or winding up through tribunal. Can ibc be invoked against a company whose name has been. Companies act 2006, section 248 is up to date with all changes known to be in force on or before 07 april 2020. The act consolidates and amends the law relating to companies. Strike off of company section 248 companies act 20 taxguru.
Provisions for determining whether director resident in state. Some of the provisions of the act have been implemented by a notification. Act structured to facilitate its use in relation to most common type of company. In its place, under the companies act, 20 has brought in a process called removal of names of companies from register section 248 of companies act, 20, with effect from 26 december 2016. Section 248 needs to be reproduced and the same are as under. Provided that notwithstanding the undertakings referred to in this subsection, the assets of the company shall be made available for the payment or discharge of. Company has failed to commence any business in a year of its incorporationcompany is not carrying out any business or activity for preceding 2 financial.
Pursuant t o subsection 5 of section 248 of the companies act. Fast track exit strikeoff under section 248 of companies act, 20. Construction of references in other acts to companies registered under companies consolidation act 1908 and act of 1963. Provided that in the case of a company regulated under a special act. Companies act 1993 no 105 as at january 2020, public act. Previously this kind of change in financial year was only applicable if approved by nclt. Act 758 financial services act 20 date of royal assent 18 mar 20 date of publication in the gazette 22 mar 20 an act to provide for the regulation and supervision of financial institutions, payment systems and other relevant entities and the oversight of the money market and foreign exchange market to. In exercise of the powers conferred by subsections 1, 2 and 4 of section 248 read with section 469 of the companies act, 20 18 of 20, the central government hereby makes the following rules to amend the companies removal of names of companies from the register of companies rules, 2016, namely. Application of certain provisions to proceedings under section 241 or section 245.
Securitisation and reconstruction of financial assets and enforcement of security. Fast track exit gives a choice or option to defunct companies to get their names struck off from the registrar of companies. Restrictions on making application under section 248 in certain situations. Section 248 of the companies act, 20 prescribes the grounds under which the registrar can take steps to remove the name of a company from the register of companies. Strike off by a company on its own accord under section 248 2 of the companies act, 20. Exception to section 7 companies having real and continuous link with economic activity in state. Section 248 states the provisions of strike off of the company not for fast track exit of the company. Definitions of holding company, wholly owned subsidiary and group of companies 9. One of the quick ways to shut down a company, when nonoperational over a period of time, was through a process called fast track exit fte. Scroll down and download check list for annual compliance calendar under companies act. The company, member or creditor or even a workmen can make an application to revive the company.
Companies act 20 section 242 citation 62633 bare act. Jan, 2020 changes authorised by subpart 2 of part 2 of the legislation act 2012 have been made in this official reprint. A brief on section 8 company under companies act, 20. By way of filing application by the company under section 2482. Winding up or closure of company under companies act, 20. The applicability of the scheme is to companies which are in default other than those companies whose names had been struck off from the registrar of the companies under section 248 5 of the companies act 20.
Companies act 2006, section 248 is up to date with all changes known to be in force on or before 24 april 2020. Provided that in case of any application made under subsection 2 of section 248 of the act, the company shall also place the application on its website, if any, till the disposal of the application. A study on revival of company under companies act, 20. You can view a specific section, or view all sections grouped by chapters. Shutting down a company fast track exit under the new. Provided that in the case of a company regulated under a special act, approval of the. If a company enters into a transaction or arrangement that contravenes section 239, any officer of it who is in default shall be guilty of a category 2 offence. List of sections as per companies act 20 companies act 20, rules, circulars, notifications as notified by the ministry of corporate affairs. The companies act, 20 has been notified in the official gazette on 30th august, 20. The names of the companies whose directors did not file the requisite documents within the window of three months as per the cod scheme, were struck off from the register of companies roc as per the section 248 of the companies act, 20.
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