Company Closure query
Geeta Aggarwal
I would like to seek your guidance on the following matter pertaining to a private limited company:
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If the company has recently sold its shares (investments) and earned a profit from the sale, can the proceeds be used to repay outstanding loans from external parties (outsiders)?
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For any remaining loan liabilities, is it permissible for the promoters/directors to repay those from their personal funds?
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After clearing all liabilities as mentioned above, can the company apply for strike off under the relevant provisions of the Companies Act (e.g., Section 248 of the Companies Act, 2013)?
Gopal Rathnam
If the company has recently sold its shares (investments) and earned a profit from the sale, can the proceeds be used to repay outstanding loans from external parties (outsiders)? YES
For any remaining loan liabilities, is it permissible for the promoters/directors to repay those from their personal funds? YES
After clearing all liabilities as mentioned above, can the company apply for strike off under the relevant provisions of the Companies Act (e.g., Section 248 of the Companies Act, 2013)? YES -PROVIDED (1) IT RETURNS has been filed - (2) at least one "nil BS" has been filed in the previous year( i:e zero turnover & assets and liability)
Res :D-1106, Mantri Elegance, Bannerghatta Road, Bangalore 560076.
Mobile 9886618696
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