MCA update

Removal of Names of Companies from Register – Section 248 of Companies Act, 2013 (Replacement of FTE)

Ministry of Corporate Affairs (MCA) issued a Notification dated 26th December, 2016 notifying Section 248, 249, 250, 251 and 252 of Companies Act, 2013 (Chapter XVIII). This chapter deals with Removal of Names of Companies from Register of Companies. MCA has appointed 26.12.2016 as effective date for Section 248 to 252.

This has replaced Section 560 of erstwhile Companies Act, 1956. Accordingly, procedure for application with respect to closure of defunct company under Fast Track Exit Scheme (FTE) is expected to be ceased and replaced by new rules which has been notified by MCA on 27th December, 2016.

As mentioned above, MCA has also notified new rules i.e. Companies (Removal of Names of
Companies from the Register of Companies) Rules, 2016 on 27th December, 2016.

Following are the few important rules of such Notified Rules.

1. Removal of name of company from Register by ROC on sue-moto basis.
ROC may remove Company’s name from Register on sue-moto pursuant to Section 248(1) of Companies Act, 2013.

2. 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 STK-2 alongwith Fees of Rs 5,000. Such application shall be accompanied by following documents
– Indemnity Bond from Director in Form STK-3
– Statement of Accounts certified by CA
– An Affidavit from Director in Form STK-4
– Special Resolution duly signed by Every Director
– Statement regarding pending litigations, if any, involving Company

3. Form STK-2 shall be signed by Director digitally.

4. Form STK-2 shall be certified by CA/CS/CWA in practice.

5. The notice under sub-section (1) or sub-section (2) of section 248 to be published by MCA shall be in Form STK 5 or STK 6 respectively.

Company shall also be required to place application on its website till its disposal.

6. Rules has specifically mentioned that, in case of Foreign National / NRI, Indemnity Bond and declaration shall be notarised or a postal led.

7. Notice of striking off shall be given by ROC in Form STK-7.

8. Any application or pending for striking off or Form-FTE filed with the Registrar of Companies prior to the commencement of these rules but not disposed of by such authority for want of any information or document shall, on its submission, to the satisfaction of the authority, be disposed of in accordance with the rules made under the Companies Act, 1956.

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