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April 2010

Criteria for identification of a vanishing company — Clarification on MCA website

By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
Sejal Vasa | Company Secretary
Reading Time 1 mins
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Part D : Company Law updates


18 Criteria
for identification of a vanishing company — Clarification on MCA website

A company would be deemed to
be a vanishing
company, if it is found to have :


(a) Failed to file
returns with Registrar of Companies (ROC) for a period of two years;

(b) Failed to file
returns with Stock Exchange (SE) for a period of two years (if it continues
to be a listed company);

(c) It is not
maintaining its registered office of the company at the address notified
with the Registrar of Companies/Stock Exchange; and

(d) None of its
directors are traceable.



Notes :




(i) All the conditions
mentioned above would have to be satisfied before a listed company is
declared as a vanishing company; and

(ii) The conditions
mentioned at (a), (c) and (d) would suffice to declare a company as
vanishing if such company has been de-listed from the Stock Exchange.




erala, Lakshadweep, Madhya
Pradesh, Maharashtra, Manipur, Meghalaya, Orissa, Punjab, Rajasthan, Tamil Nadu,
Uttar Pradesh, Uttarakhand and West Bengal with effect from 1st April 2010.

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