If an OPC is not operating for more than one year from the date on which it was incorporated, the owner can apply for closure of the company. This can be done through a normal procedure or through Fast Track Exit (FTE) scheme of the MCA.
Methods involved in the closure of an OPC
Winding up – This type of closure is done with the approval of at least 2 or three creditors who are present at the meeting. The management board must then submit a request to the commercial register in writing or electronic form. This request will also include details of the members meeting and also the minutes of the general meeting. This process is usually implemented when the company has assets and liabilities.
Striking off or closure through Fast Track Exit Scheme – When a company gets a status of a dormant company (not active for the past one year), it becomes a defunct company which can be closed through a Fast Track Exist scheme through STK-2 form. The company should not have any assets or liabilities. Strike offs are done by the registrar according to the requirements of the act.
- MOA, AOA, certificate of incorporation, PAN card and other registration certificates
- Financial records of the company filed prior to 30 days of filing of the application.
- Details of the operation of the company and since when the operation was discontinued.
- Statement of pending litigations if any
- NOC from creditors for the closure of the company
- NOC for closure from the income tax department as well