{"id":11199,"date":"2020-06-22T11:54:50","date_gmt":"2020-06-22T06:24:50","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=11199"},"modified":"2024-07-06T18:35:05","modified_gmt":"2024-07-06T13:05:05","slug":"difference-between-winding-up-and-striking-off-a-company-in-india","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/difference-between-winding-up-and-striking-off-a-company-in-india\/","title":{"rendered":"Difference between Winding up &#038; Striking off a Company in India"},"content":{"rendered":"\n<p class=\"has-drop-cap\">A business in India can be conducted under\ndifferent forms of entities. Among them, you can consider these most popular\ntypes: limited liability partnership, sole proprietorship, co-operative\nsocieties and partnership, companies, in which each of the kinds of business\nhas its benefits and drawbacks.&nbsp;<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/difference-between-winding-up-and-striking-off-a-company-in-india\/#Overview_of_Forms_of_Companies\" >Overview of Forms of Companies<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/difference-between-winding-up-and-striking-off-a-company-in-india\/#What_is_a_company_under_Companies_Act_2013\" >What is a company under Companies Act, 2013?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/difference-between-winding-up-and-striking-off-a-company-in-india\/#Brief_Winding_up_and_Striking_off\" >Brief: Winding up and Striking off<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/difference-between-winding-up-and-striking-off-a-company-in-india\/#Winding-up\" >Winding-up<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/difference-between-winding-up-and-striking-off-a-company-in-india\/#What_are_the_Benefits_of_Winding_up_of_a_Company\" >What are the Benefits of Winding up of a Company?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/corpbiz.io\/learning\/difference-between-winding-up-and-striking-off-a-company-in-india\/#Winding_Up_Registration_Procedure_Recent_2020\" >Winding Up Registration Procedure: Recent 2020<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/corpbiz.io\/learning\/difference-between-winding-up-and-striking-off-a-company-in-india\/#Striking_off\" >Striking\noff<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/corpbiz.io\/learning\/difference-between-winding-up-and-striking-off-a-company-in-india\/#What_are_the_Advantages_of_Striking_Off\" >What are the Advantages of Striking Off?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/corpbiz.io\/learning\/difference-between-winding-up-and-striking-off-a-company-in-india\/#Comparing_Striking_Off_Winding-Up\" >Comparing Striking Off &amp; Winding-Up<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/corpbiz.io\/learning\/difference-between-winding-up-and-striking-off-a-company-in-india\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Overview_of_Forms_of_Companies\"><\/span>Overview of Forms of Companies<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The sole proprietorship and partnership companies have significant advantages over the outstanding structures in the well-being of establishment as well as the closure of the company. Moreover, the Limited liability partnership, companies, and co-operative societies need to comply with various regulations during its existence and known to be the entities created under a statute. Furthermore, closure of these forms of entities can be done only by following the specified procedure under the statutes under which they were established. In this article, we shall concentrate on the closure of entities that were registered under the <strong>Companies Act, 2013<\/strong><sup><a href=\"https:\/\/www.mca.gov.in\/content\/mca\/global\/en\/acts-rules\/ebooks.html\"><strong>[1]<\/strong><\/a><\/sup><strong> .<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_a_company_under_Companies_Act_2013\"><\/span>What is a company under Companies Act, 2013?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A company registered under section 3(20) of the\nCompanies Act, 2013(\u201cThe Act\u201d) may be defined as an association of persons. It\nhas the characteristics of a separate legal entity, perpetual succession,\nlimited liability, share capital, common seal, transferability of shares, and\nany other previous act consider a distinction between ownership and management\nif it.<\/p>\n\n\n\n<p>It can be established to carry on business to make\nprofits or be performed even for non-business objectives. Therefore,\nirrespective of the object or business, every company shall come into existence\nonly after incorporation under the Act. The Registrar must issue the\nCertificate of Incorporation on completion of registration. Moreover, the\nCompanies name must enter into the Register of Companies.<\/p>\n\n\n\n<p>After its continual existence, until it is wound up\nor declared defunct by the Registrar according to the provisions of the Act, it\nshall operate on-going concerns. <\/p>\n\n\n\n<p><strong>Methods in which a company can cease to be in presence are as follows:-<\/strong><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" width=\"623\" height=\"408\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/06\/image-135.png\" alt=\"company under Companies Act\" class=\"wp-image-11200\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/06\/image-135.png 623w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/06\/image-135-300x196.png 300w\" sizes=\"(max-width: 623px) 100vw, 623px\" \/><\/figure><\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Brief_Winding_up_and_Striking_off\"><\/span>Brief: Winding up and Striking off<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The process of winding up and striking off may be\ninitiated under the operation of law without any company&#8217;s application or be\ndone voluntarily by the company. The provisions concerning striking off\n(Section 248 to Section 252 of Companies Act, 2013), and winding up (Section\n270 to Section 365 of Companies Act, 2013) prescribes the same rules and\nprocedures.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Winding-up\"><\/span>Winding-up<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Winding up is a procedure by which the dissolution\nof a company gets conducted. Moreover, its assets are collected and realized\nand applied in payment of its debts over time. After that, the remaining amount\ngets returned to members who have contributed to the company. It was\nprominently pronounced in the articles of <em>Halsbury&#8217;s\nLaws <\/em>of England.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Winding Up: Voluntary by Members or Creditors<\/h3>\n\n\n\n<p>In a Voluntary Wind Up, few requirements need to be\nadhered to.<\/p>\n\n\n\n<p><strong>Those are as follows:-<\/strong><\/p>\n\n\n\n<ul>\n<li>A resolution must\nbe passed in the General Meeting where all the Appointments &amp; remuneration\nshould get fixed.<\/li>\n\n\n\n<li>A notice has to be\nissued by the company to Registrar concerning the Appointment of the Liquidator\nfor winding-up.<\/li>\n\n\n\n<li>Afterward, a\ndeclaration of financial stability\/solvency has to be filed. Moreover, if it is\na Member Wind Up or a Creditor Wind Up, it must be specified in the same\ndeclaration.<\/li>\n\n\n\n<li>The liquidator&#8217;s\nreport concerning all states of affairs must be placed at the General Meeting.<\/li>\n\n\n\n<li>Within a week of\nGeneral Meeting, the liquidator must send a report to the Registrar as per\nprescribed format.<\/li>\n\n\n\n<li>The company\nconsidered to be dissolved from the report&#8217;s date if the Official Liquidator\npossesses no opposition.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Winding Up: Compulsory or by Tribunal<\/h3>\n\n\n\n<ul>\n<li>All the\ncircumstances\/Grounds should exist, as mentioned in Section 433.<\/li>\n\n\n\n<li>The petition is to\nbe filed by an appropriate person before the Tribunal.<\/li>\n\n\n\n<li>The petition should\nbe admitted by the National Company Law Tribunal for future commences.<\/li>\n\n\n\n<li>Intimation has to\nbe given by the Tribunal to the Official Liquidator.<\/li>\n\n\n\n<li>The Statement of\nAffairs has to be filed with the Official Liquidator by the company.<\/li>\n\n\n\n<li>The preliminary\nreport has to be given within six months by the Official Liquidator to the\nTribunal.<\/li>\n\n\n\n<li>After the\nfulfillment of the report of the Official Liquidator, Tribunal must initiate\ndissolution of the company. <\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Incidents available for Compulsory Winding Up<\/h4>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" width=\"613\" height=\"625\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/06\/image-136.png\" alt=\"Compulsory Winding Up Incidents\" class=\"wp-image-11201\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/06\/image-136.png 613w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/06\/image-136-294x300.png 294w\" sizes=\"(max-width: 613px) 100vw, 613px\" \/><\/figure><\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_Benefits_of_Winding_up_of_a_Company\"><\/span>What are the Benefits of Winding up of a Company?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Discharged from\nduties\/debts later liquidation&nbsp;<\/strong><\/p>\n\n\n\n<p>The administrators and all company leaders are free\nfrom all lender accounts and pressure after the liquidation method is over.<\/p>\n\n\n\n<p><strong>Withdrawing legal\naction upon the company<\/strong><\/p>\n\n\n\n<p>If the recommendation is passed deliberately by\ndirectors, they will ignore legal action brought by the court or the Tribunal,\nand provide a program to company directors to focus on other business\npossibilities.<\/p>\n\n\n\n<p><strong>Inexpensive cost for\nliquidation&nbsp;<\/strong><\/p>\n\n\n\n<p>As rates will apply to the sale of assets, the\nprice or duties expected in the liquidation method will get relatively smaller.<\/p>\n\n\n\n<p><strong>Contract agreements\nwill get terminated.<\/strong><\/p>\n\n\n\n<p>During the liquidation process, if any company or\nentity has entered into a lease for a prescribed time, it will terminate all\nthe terms and conditions of the agreement.<\/p>\n\n\n\n<p><strong>Security for\ncreditors&nbsp;<\/strong><\/p>\n\n\n\n<p>After all the followed processes, creditors will benefit from the liquidation method as they will be ready for a failed payment, concerning the statement of credits provided by all creditors.<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/new-winding-up-companies-rules-2020-under-companies-act-2013\/\">New Winding Up Companies Rules (2020) under Companies Act 2013<\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Winding_Up_Registration_Procedure_Recent_2020\"><\/span>Winding Up Registration Procedure: Recent 2020<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Winding-Up) Rules 2020 for companies came into effect from the 1st April 2020. Complying with the new rules will reduce the burden of the National Company Law Tribunals (NCLTs) by enabling a summary of liquidation plans\/procedures. Appeals or Petitions for <a href=\"https:\/\/corpbiz.io\/winding-private-limited-company\"><strong>winding up company<\/strong><\/a> is subjected to various conditions, which include thresholds on turnover and paid-up capital.<\/p>\n\n\n\n<p>According to the latest winding-up Registration\nProcedure, a company attempting to wind up Section 361 must adhere to the\nbelow-mentioned requirements.<\/p>\n\n\n\n<p><strong>Those are as follows:-<\/strong><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" width=\"674\" height=\"406\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/06\/image-137.png\" alt=\"Winding Up Registration Procedure\" class=\"wp-image-11202\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/06\/image-137.png 674w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/06\/image-137-300x181.png 300w\" sizes=\"(max-width: 674px) 100vw, 674px\" \/><\/figure><\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Striking_off\"><\/span>Striking\noff<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Striking off a name is one of the methods of the\ncompany from the ROC of executing an end to the existence of the company.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Striking off: Initiated by the Registrar of his motion<\/h3>\n\n\n\n<p>If a company is not carrying on business or is not\nin operation, then the Registrar should send a letter to the company inquiring\nabout the same. A second letter should be sent if no response is received for\nthe second letter if there is no reply within one month. A notice shall be\nissued in the Official Gazette stating the (or &#8220;intending to&#8221;)\nstriking off the name of the company. He can proceed with striking off only if\nthere is no response to the second letter or confirmation that the company is\nnot optimizing on business or is not in operation. <\/p>\n\n\n\n<p><strong>It can be done in two steps:-<\/strong><\/p>\n\n\n\n<ul>\n<li>If there is no cause proofed against it, the company would be dissolved at the end of 3 months. In this case, kindly send a notice to be published in the Official Gazette. The notice, as mentioned above, will be shipped by registered post to the Company and Income Tax Authorities.<\/li>\n<\/ul>\n\n\n\n<ul>\n<li>If he is contended\/satisfied that liquidator is not acting, or the affairs of the company are entirely wound up, you can issue a notice to a company under liquidation. It would be best if you also took care of the returns required to be filed by the liquidator is not performed for six months. The Registrar can go for striking off the name of the register and issue a notice in the Official Gazette to that effect on the expiry of 3 months.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Striking off: Application by the Company<\/h3>\n\n\n\n<ul>\n<li>Along with necessary attachments, as prescribed, the company should make an application with the assistance of e-form 61.<\/li>\n\n\n\n<li>Registrar may go for striking off the name and publish a notice in the Official Gazette if he is satisfied with the correctness of the application.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Striking off: Fast Track Exit Mode<\/h3>\n\n\n\n<p>The Fast Track Exit mode for Striking off is\navailable only for few conditions. Those conditions are as follows:-<\/p>\n\n\n\n<ul>\n<li>No assets and\nliability.<\/li>\n\n\n\n<li>Not starting any\nbusiness activity or service since incorporation or is not carrying any\nbusiness activity or sustenance for the last one year.<\/li>\n\n\n\n<li>Not Applicable for\nlisted companies, delisted companies for non-compliance, Section 25 companies,\netc.<\/li>\n\n\n\n<li>Fast Track Exit Mode-form should be\npresented along with necessary attachments as directed.<\/li>\n\n\n\n<li>Registrar shall\nissue an email to the address mentioned in the form, giving 30 days to show\ncause why the name must not be struck off the register only if he is satisfied\nwith the correctness of the application.&nbsp;<\/li>\n\n\n\n<li>The Registrar shall\nprovide the information of companies opting for and give 30 days for objecting\nto this method in the MCA Portal.<\/li>\n\n\n\n<li>The Registrar may\nproceed for striking off the name and publish the notice in the Official\nGazette after the prescribed limited time.<\/li>\n<\/ul>\n\n\n\n<p><strong>Requirements to proceed to make an application for\nStriking off are as follows:-<\/strong><\/p>\n\n\n\n<ul>\n<li><em>No pending statutory dues.<\/em><\/li>\n\n\n\n<li><em>No pending litigation\/proceedings against the\ncompany.<\/em><\/li>\n\n\n\n<li><em>No assets and liabilities.<\/em><\/li>\n\n\n\n<li><em>Not in working mode for at least a year.<\/em><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_Advantages_of_Striking_Off\"><\/span>What are the Advantages of Striking Off?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Striking Off can be\nperformed speedily. <\/strong><\/p>\n\n\n\n<p>Striking Off is an instant method to close it if a\ncompany is dormant and has no creditors. The company will be taken off the\nregister at Companies House after a period of three months. Nevertheless, three\nmonths&#8217; notice must be given to them before the application can be submitted if\nthe company has any outstanding creditors. <\/p>\n\n\n\n<p><strong>Striking Off is\neconomical to execute<\/strong><\/p>\n\n\n\n<p>The charges to submit a Striking Off application\nform at Companies Registrar is insignificant. Even if you decide to pay for\nprofessional help, the dissolution process will be far less costly than the\ncost of converting the Company status.<\/p>\n\n\n\n<p><strong>No examination of director\u2019s\ncharges and authority<\/strong><\/p>\n\n\n\n<p>There is no formal investigation of the conduct of\nthe directors after a company got Struck Off. There is no risk for treating\naccused of wrongful trading until and unless the company converted by a creditor\nand a winding-up petition announced.<\/p>\n\n\n\n<p><strong>No obligation to\nfulfill annual returns and accounts<\/strong><\/p>\n\n\n\n<p>There are no longer required file on-going annual\nreturns and accounts with Companies House if a company got struck off. The\nappropriate accounts and returns must be filed even if the company got left\ndormant rather than struck off. If the substantial part has not been done, the\nfinancial penalties will be levied on the directors. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Comparing_Striking_Off_Winding-Up\"><\/span>Comparing Striking Off &amp; Winding-Up<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>General Assumption<\/strong><\/p>\n\n\n\n<p>One might tend to conclude that there is not much\ndifference between the two processes in achieving closure of the company based\non a simple review of the above procedures. Equally, both have a set of\nformalities to be met by following the statute.&nbsp;<\/p>\n\n\n\n<p><strong>Reality<\/strong><\/p>\n\n\n\n<p>On the other hand, based on real regimes, there is\na vast difference between striking off and winding up procedures. The process\nof winding up takes over a couple of years on an average to complete the\nprocess, which is relatively slower. Comparing to the other, the striking off\nprocedure is a lot simpler and quicker. However, it is potentially permitted to\nmonitor this route only in case of \u2018defunct companies.\u2019&nbsp;<\/p>\n\n\n\n<p><strong>Liabilities<\/strong><\/p>\n\n\n\n<p>Striking off is the preferred option with nil or\nminimal obligations for defunct companies or companies. Companies that no\nlonger need to exist need to wind up their affairs and require them when\ncompanies have assets and liabilities. On the other hand, the striking off\nprocedure is not as expensive as compared to winding up. In the case of winding\nup, there are fees sustained concerning the court\/tribunal, charges of the\nliquidator, etc.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Striking\noff is a suitable option to achieve closure given the simplicity of the\nprocedure, then the limited time occupied and being less expensive when a\ncompany has stopped operating. Nevertheless, the company needs to pay off all\nits liabilities and statutory dues and not have any pending litigation\/proceedings\nfor this process. Companies mostly stop operations because their net worth is\neroded entirely or significantly, and they are not profitable. <\/p>\n\n\n\n<p>The\nMinistry delivered a vide circular in July 2011 to accelerate winding up\nproceedings. The procedure under the latest Companies act should be completed\nmore straightforward and effectively, taking into deliberation the scope and\nnature of the company.<\/p>\n\n\n\n<p>Our <a href=\"https:\/\/corpbiz.io\/\"><strong>CorpBiz<\/strong><\/a> group will be at your disposal if you need expert advice on any aspect of Winding-up or Striking off a company. We will help you to ensure complete compliances concerning all the issues related based on your desired activities, ensuring the fruitful and well-timed completion of your work.<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/winding-up-of-a-company-by-tribunal\/\">\nCommencement of Winding Up of a Company by Tribunal under Companies Act 2013\n<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A business in India can be conducted under different forms of entities. Among them, you can consider these most popular types: limited liability partnership, sole proprietorship, co-operative societies and partnership, companies, in which each of the kinds of business has its benefits and drawbacks.&nbsp; Overview of Forms of Companies The sole proprietorship and partnership companies [&hellip;]<\/p>\n","protected":false},"author":20,"featured_media":11204,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[385],"tags":[685],"acf":{"service_id":"70"},"authorName":"Archita Bhattacharjee","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/03\/WhatsApp-Image-2020-03-18-at-11.26.19-AM-1.jpeg","authorDescription":"Archita Bhattacharjee is working as Legal Analyst (Team Lead, Research &amp; Development) at Corpbiz and has proving experience about 2 years as Corporate Legal Researcher in law firms as well as Rajya Sabha and authors in diverse publications. She has refined her skills by representing India in Paris, France and the University of Leiden over implications of International Humanitarian and Criminal Law being certified member of many Legal Centers.","postViews":18390,"readingTime":8,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/11199"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=11199"}],"version-history":[{"count":15,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/11199\/revisions"}],"predecessor-version":[{"id":65269,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/11199\/revisions\/65269"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/11204"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=11199"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=11199"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=11199"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}