TMI BlogSimplified Exit Scheme - Clarifications on some issuesX X X X Extracts X X X X X X X X Extracts X X X X ..... anies Sub: Simplified Exit Scheme - Clarifications on some issues ********* The undersigned is directed to refer to General Circular No: 13/2003 dated 25.3.2003, General Circular No: 15/2003 dated 9.4.2003, General Circular No: 16/2003 dated 17.4.2003 and General Circular No: 17/2003 dated 22.4.2003 regarding Simplified Exit Scheme. Some more clarifications are given in Annexure 'A'. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny, it means that the company has no assets. Any company can be restored to the Register should the need arise. Issue No: 3: Whether indemnity bond should be submitted individually by all applicant directors Clarification: Yes, indemnity bonds should be given by all applicant-directors, and at least two applicant directors should furnish the indemnity bond. Issue No: 4: whether ch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Clarification: ROC will submit his report after 45 days from the expiry of the scheme. Issue No: 6: Whether section 25 company can apply under the scheme. Clarification: No. Under the scheme Section 25 companies cannot apply. Issue No: 7: When the prosecution will be withdrawn. (Para 7 of the scheme) Clarification: Prosecution will be withdrawn after final notice in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ice is sent to IBA. The same can also be sent to public financial institutions. Other financial institutions may have to rely on the advertisements being issued in the newspapers. Issue No: 10: Should the word "Any Person(s)" referred to in last para of Annexure D of Scheme be substituted with "Any interested person(s)" or "Any authorised person". Clarification: Yes, the words "any pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dicated in "vanishing" companies list or "plantation" company or any company involved in any of the stock market scams will not be covered by Simplified Exit Scheme. ROCs/RDs should refer to the Department if they have any doubt about any company. - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - taxmanagementindia - taxmanagement - taxmanagementind ..... X X X X Extracts X X X X X X X X Extracts X X X X
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