Strike off of OPC (OPC Closure)
OPC Closure of Strike off of OPC is done as per the Provisions of Companies Act 2013. Apart of winding off of OPC, certain other statutory registration also require to be surrendered such as PAN, TAN, GST, PF etc.
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A One person company (OPC) incorporated under Companies Act and registered by the Registrar of Companies need to adhere the compliance as per the provisions contained in Companies Act 2013 and relevant rules made there-under.
There are many circumstances which lead to the decision of Strike off of OPC or OPC closure, these circumstances depend upon the facts and situation of the OPC, however some most common circumstances which leads to strike off of OPC are:
- The OPC unable to commence business after incorporation, there might be situation that the OPC is incorporated for a business but after incorporation the business might not got started, then eventually it leads to closure of OPC after some significant time period say one year.
- The objective for which the OPC is incorporated is fulfilled and there is nothing left to operate the OPC. There are certain OPCs which got incorporated for the purpose of specific task or objective, after fulfilment of such task or objective the OPC need to be closed.
- The business of the OPC no longer exist and it incur losses, there might be circumstances wherein the OPC was successfully operating but after some years its business doesn’t exist and the OPC incur losses, thus such OPCs may got closed.
- The promoters / director of the company dies, since there is only one person as director, thus after death of director the nominee in the OPC may proceed for strike off of OPC.
- The OPC become insolvent and unable to pay to its debt, in such cases there are circumstances for compulsory winding up of OPC by the tribunal.
- Non compliance lead to monetary penalty in terms of late filing fees and also leads to certain severe consequences such as Inactive status of OPC, disqualification of directors, strike off of OPC by the registrar etc. Such situation may leads to closure of OPC.
- The OPC has operated in the manner which is against the interest of sovereignty and integrity of India, security of state, friendly relation with foreign state etc.
- The OPC activity was conducted in fraudulent manner and the statement of affairs has been guilty of fraud, misfeasance or any misconduct then such circumstances leads to closure of OPC.
Procedure of Closure of OPC can be in the form of:
- Voluntary closure of OPC: In this case the OPC passes a special resolution for closure of OPC or strike off of the name of OPC
- Closure of OPC by order of Court: In this case any competent court or tribunal has ordered for closure of OPC due to reasons recorded in writing and mentioned in the order of strike off of OPC.
With the ever changing Law and regulatory requirements, we keep on track and advise the same on timely manner in order to ensure proper compliance. We at ReturnFilings.Com will understand the purpose of your strike off of OPC and thereafter will provide you detailed analysis mentioning the law requirement and compliance need to fulfill in order to provide OPC closure related services economically and efficiently. We at ReturnFilings.Com will provide you details of regulatory filings in order to ensure proper smooth and timely compliances. We at ReturnFilings.Com are determinate to provide end to end solution; our motto is you concentrate on your business while we at ReturnFilings.Com will take care of all your compliances need.