New Guidelines for Fast Track Exit for Defunct Companies Come into Effect July 3
India has introduced new guidelines for Fast Track Exit (FTE) for defunct companies seeking to get their names removed from the Register of Companies.
- (1888PressRelease) June 30, 2011 - Sunnyvale, CA - Effective July 3, 2011, India's Ministry of Corporate Affairs is modifying the current process followed by defunct companies wherein they file e-form-61 and file all pending statutory returns alongside it.
The Guidelines for Fast Track Exit by defunct companies, as per the circular issued by the ministry of corporate affairs include:
A 'defunct company' is defined as any company
(a) which has nil asset and liability and
(b) has not commenced any business activity or operation since incorporation; or
(c) is not carrying over any business activity or operation for last one year before making application under FTE.
Read more at http://www.nair-co.com/india-fast-track-exit.aspx
Indian Companies can now hold Board and General Meetings via Video Conferencing
In another significant development India's Ministry of Corporate Affairs is now permitting Indian companies to hold Board and General Meetings via Video Conferencing.
Laying to rest, longstanding doubts on acceptance of board meetings of Indian entities of foreign companies over telephone/Video Conference, the ministry clarified that directors of a company may participate in a meeting of Board/Committee of directors through electronic mode (Video Conference).
This move is expected to substantially simplify the compliances for corporate governance requirements relating to the board meetings.
Read more at http://www.nair-co.com/india-board-meeting-rules.aspx
About Nair & Co.
Nair & Co. provides an integrated solution in the HR, finance, tax, compliance and legal arenas making a company's overseas operations less risky, stress free and more strategic. It currently has 740+ client operations in over 50 countries with offices in U.K., India, China, U.S., Japan and Singapore. Nair & Co. was named among the top 100 outsourcing services providers in the world by the International Association of Outsourcing Professionals (IAOP).
Learn more at www.nair-co.com
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