Removing a Director - Overview:
It is possible to add or remove a director from the company at any time. There are different reasons why a director is removed and there are three different procedures based on the reason. Irrespective of that, Vakilsearch can help you with removing a director from your company and make the whole process easy for you.
Liquidation of a Company - an Overview
Simply put, liquidation is the process by which a company shuts down its activities. The company may decide to close down for a variety of reasons, including a refusal to continue operations, insolvency, and so on. The word ‘liquidation of a company’ refers to the process of selling a company's assets. The company can sell its assets to meet obligations and repay liabilities. If a company is liquidated due to bankruptcy, the liquidator can sell its assets to repay all pending liabilities. The remaining balance, if any, after repayment to the creditors, gets distributed among the shareholders of the company.
Checklist
Board meetings should be convened for the approval of winding up a company The appointment of an official liquidator or insolvency professional should be made Simultaneously, an NOC should be obtained from the Income Tax Department Before initiating a wind-up process, an intimation should be conveyed to the Insolvency and Bankruptcy Board of India (IBBI) within 7 days from the date of approval of the resolution An announcement should be made to the public within 14 days of passing the wind-up resolution in an official gazette, one english newspaper and one local newspaper, where the registered company has been based The whole winding up process should be completed within 12 months from the initiation of the liquidation
Documents Required
PAN card of the company
Certificate of closure of the company’s bank account
An indemnity bond, which should be notarized by the directors
Latest statement of company accounts
Statement of accounts related to all assets and liabilities of the company, audited by a chartered accountant (CA)
Proof of approval of the resolution by 3/4th of the board members
Application for removing the name of the company
