63 Easy Exit Scheme, 2010
The Ministry of Corporate Affairs vide General Circular No. 2
/2010 F. No. 2/7/2010-CL V, has on 26 May, 2010 given an opportunity to the
defunct companies, for getting their names strike off from the Register of
Companies, through an ‘Easy Exit Scheme, 2010’ u/s.560 of the Companies Act,
1956. The Scheme shall come into force on the 30th May, 2010 and shall remain in
force up to 31st August, 2010. Defunct company has been defined as a company
registered under the Companies Act, 1956, which is not carrying over any
business activity or operation on or after the 1st April, 2008 and includes a
company which has not raised its paid-up capital as provided in Ss.(3) and
Ss.(4) of S. 3 of the Companies Act, 1956.
The Scheme does not cover the following companies, namely :
(a) listed companies;
(b) companies registered u/s.25 of the Companies Act, 1956;
(c) vanishing companies;
(d) companies where inspection or investigation is ordered
and being carried out or yet to be taken up or where completed prosecutions
arising out of such inspection or investigation are pending in the Court;
(e) companies where order u/s.234 of the
Companies Act, 1956 has been issued by the Registrar and reply thereto is
pending or where prosecution if any, is
(f) pending in the Court;
(g) companies against which prosecution for a
non-compoundable offence is pending in the Court;
(h) companies which have accepted public deposits which are
either outstanding or the company is in default in repayment of the same;
(i) company having secured loan;
(j) company having management dispute;
(k) company in respect of which filing of documents have
been stayed by the Court or Company Law Board (CLB) or Central Government or
any other competent authority;
(l) company having dues towards income-tax or sales tax or
central excise or banks and financial institutions or any other Central
Government or State Government departments or authorities or any local
authorities.
