Does Annual Filing required where there is a cease in business operations

Section 248 read with the Rules  clearly specifies about doing annual filings in case of cease of business operations.

As per Rule 4 – Every company should adhere to section 137 and 92 and file the financial statements till it cease to carry its business operations.

Therefore, every company after ceasing the business operations, which means after the financial year in which there is no business, need not filed the financial statements and can make an application for striking off its name from the Register of Members.

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Removal of Name of Company

Practical aspects for Closure of Company:-

  1. Check all the Compliance and Annual Filing have been done like filing of Income Tax Return, Closure of Bank Account and GST Registration etc.
  2. Attache Bank Closure Letter along with other closure certificates with STK-2.
  3. Statements of Account must not be older then 30 days from General Meeting.
  4. At MCA V3 Portal it is also asking for SRN of MGT-14 as Mandatory, accordingly filing of MGT-14 is mandatory.
  5. At MCA V3 Portal Statement of Accounts needs to be attached in excel file as mandatory attachment.

 

Buzz around Artificial Intelligence and evolving legal landscape in India

The question ‘whether AI can replace the human mind created by the divine or not’ is misplaced for obvious reasons. However, it cannot be denied that AI is giving a tough challenge to each and every one of us to gear up with these technological advancements and constantly work on our core skills. AI is certainly marred by various inherent challenges, but what is certain is that AI is going to stay while the buzz around it will settle down, paving the way for AI and humans to work together. 

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