Strike off Company under FTE, Scheme

[Abhishek Lakhotia]

Dear all,

There is one XYZ Company incorporated in year 2003, continued its business till 2006 and then became inactive. As on that date unsecured loans from directors were showing around 20 lakhs.

Now company wants to get strike off itself under FTE Scheme.

The problem is while filing form and giving details in statement of assets and liabilities, the "unsecured loan" and "other" amount column should be zero. 

Then where to write the amount of unsecured loans from the Directors as waiver letter has been obtained from them.

Please let me know the way if any body has faced such thing.

Requesting your urgent reply.

Thanks 

Abhishek Lakhotia

[Jyoti Joshi]

Dear Sir,

Can u send me FTI related documents for closure of company. The Company is Private Limited

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[Kumar Bhagwat]

Hi Abhishek,

The form FTE will not accept the unsecured loan amount. As stated in the circular, there should not be any assets and liabilities. That means the only liability can be share capital, and against that the P&L debit balance should be there in the statement of accounts. You need to draw your statement as per the said requirement and then file form  FTE. The practical solution can be to allot the shares against unsecured loan amount and make it as paid up capital.

Thanks
Kumar

[Abhishek Lakhotia]

What if authorised capital does not permit to allot further shares?

Thanks.

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