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Striking-off a Company
The Companies Act, empowers the Registrar of Companies to strike a company
off the Register if the Registrar has reasonable cause to believe that a company is not carrying on business and the company is able to satisfy the criteria for striking off.
Striking off may take place by three ways: 1) Voluntary Striking off by the Board of Directors in consultation with shareholders;
2) Striking off on the basis of petition filed by creditors and other stake holders of the
company;
3) Compulsory Striking off by operation of Law.
Companies which have ceased trading can submit an application for striking off provided they are able to meet the criteria for striking off.
According to the criteria suggested the Business Facilitation Division, Accounting and Corporate Regulatory Authority (ACRA), Singapore dated 3rd April, 2009:
1. The company must have ceased trading or not commenced business from the date of
incorporation.
2. The company must not have any outstanding tax liabilities
3. The company must not be indebted to any other government agency.
4. The company must not have any outstanding charges in the company's charge register.
5. The company must not be involved in any court proceedings (within or outside the state).
6. The director(s) must obtain the written consent of the majority of the shareholders.
7. The company must not have any current/contingent assets and liabilities.
8. The accounts attached must be drawn up till the date of cessation indicated in the
application (if any).
If the Company has been dormant since its incorporation, that can be a good ground for seeking striking off from the Register of the Companies. In such a case, on behalf of the company, its authorised representative is required to submit an application with a covering letter stating that the company had:- (a) No business transaction since incorporation
(b) Not opened a bank accounts or the bank account has been closed
(c) Not held an AGM or the statutory meeting within the stipulated period from the date of
its incorporation;
Striking off a company from the Register maintained by the Registrar of Companies may require permission or approval by a Court order in some Jurisdictions.
In effect, Striking of implies winding up and dissolution of a company in the way prescribed by Law.
Dr. KSN Sarma
B.Sc, M.S. LLD
109-Star Shelters, Saidabad Colony, Hyderabad - 500059, India. 18-06-2009
Wiki User
∙ 14y ago
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