Home Acts & Rules Companies Law Schemes Simplified Exit Scheme, 2005 This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
Para 4 - Who can apply - Simplified Exit Scheme, 2005Extract Who can apply 04. (i) All defunct companies which are registered under the Companies Act, 1956 can apply under this Circular, except section 25 Companies, subject to fulfilment of conditions laid down hereinafter. (ii) More particularly, the following companies are eligible to apply under this Scheme: (a) Companies that did not carry out any business at any time; (b) Companies that carried out some business activity but discontinued the same thereafter : Provided that in the case of a Non-Banking Financial Company (NBFC) as defined under section 45-I(f) of RBI Act, 1934: (a) if such NBFC is not registered with the RBI, it will be allowed to avail of this scheme only if it has not carried out any operation or commercial activity since its incorporation; (b) if such NBFC is registered with RBI, it will be allowed to avail of this scheme if no objection from RBI to their availing the exit option under the scheme is obtained and enclosed alongwith the application : Provided further that in case of a Collective Investment Management Company as defined in regulation 2(1)(h) of SEBI (Collective Investment Companies) Regulations, 1999: (a) if such Collective Investment Management Company is not registered with the SEBI, it will be allowed to avail of this scheme only if it has not carried out any operation or commercial activity since its incorporation; (b) if such Collective Investment Management Company is registered with SEBI, it will be allowed to avail of this scheme if no objection from SEBI to their availing the exit option under the scheme is obtained and enclosed alongwith the application. (iii) Government Companies, which have no assets and liabilities may also apply for strike off/removal of name under this scheme provided they comply with the other prescribed requirements and submit an approval letter issued by the concerned administrative ministry.
|