Winding-up Services

Extending the whole gamut of legal and supportive services to businesses/professions/services in various economic fields of India and countries abroad, our well-experienced and highly reputed law firm of India also offers guidance and associated legal support for winding up of companies. All most popular forms of companies such as the private and public limited companies (including the publicly traded companies), limited liability partnership companies, joint venture companies, partnership firms, etc., can readily avail our perfect and proficient legal services for winding up, irrespective of their ownership by Indians or foreigners, and the locations of these in India or any country abroad.

Just like some mandatory legal compliances necessary for company incorporation and business conduction, the winding up of a company also essentially needs strict compliances with some specific rules and regulations of various regulatory bodies, such as ROC, the Company Tribunal, SEBI, RBI, MCA, Income Tax Department, etc. These mandatory provisions and rules connected with winding up of companies have been devised mainly to ensure the following --- due rights and welfare of members and stakeholders, investors, the creditors, concerned community, etc.; strict obedience to regulatory bodies; prevention of any fraudulent activities by the companies; security of the directly concerned State of India, and the integrity and morality of India; and safety and welfare of the general public of India.

The winding up of a company is the instance or process of closing down its business activities, and selling its assets for paying off the creditors, shareholders, and all other liabilities. This winding up of a company may be compulsory (demanded by any legally authorized person or entity) or voluntary (proposed by the members of the company), as described in the section 270 of the new Indian Companies Act of 2013. Our well-informed and veteran company lawyers offer the whole gamut of services to winding up under both these modes.

Under the compulsory winding up, the petition is to be filed as per section 272 of the Companies Act of 2013, which must be accompanied by a proper Statement of Affairs in Form No.-4, prepared as per the given guidelines. Again, the winding up petition is to be necessarily advertised at least 14 days prior to the fixed date of hearing by the tribunal, in English and any one regional newspapers. After mature consideration, the tribunal is empowered to pass the order for winding up in Form No.-11.

On the other hand, under the voluntary winding up of a company, the majority (at least 3/4th) of the members and creditors of the company propose for the same voluntarily owing to certain specified reasons, through passing a Special Resolution. Information about such a resolution by the company is to be forwarded to the concerned ROC (within 10 days, for making appointment of Liquidator) and other regulatory bodies connected, and advertised in newspapers within 14 days of passing this special resolution. Again, within 15 days of the final/last General Meeting of the company, an application is to be filed with the tribunal for passing the order for dissolution of the company, along with copies of accounts. If the tribunal gets satisfied, then it will pass the order for dissolution within 60 days of the receipt of such application. Lastly, the concerned ROC publishes a notice in the Official Gazette declaring that the said company has been dissolved by the tribunal.

To know more about winding up of companies in India, or receive our support services for winding up, please contact at: +91-8130-3000-46; or fling a concise email to: companies@globaljurix.com.

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