Closure of company in India

Closing a company in India involves a structured process to ensure all legal obligations are met. Companies can be closed either voluntarily or through a tribunal order. The Strike Off method is common for non-operational companies, where a board resolution is passed, and Form STK-2 is submitted to the Registrar of Companies (ROC) with documents like indemnity bonds, affidavits, and a statement of accounts. All liabilities must be cleared beforehand. The ROC reviews and, upon satisfaction, strikes off the company's name from the register. Alternatively, voluntary liquidation can be initiated by shareholders if the company is solvent, appointing a liquidator to wind up affairs. Compulsory liquidation is ordered by the NCLT in cases of insolvency or regulatory violations. Timely compliance is essential to avoid penalties, and professional guidance is often recommended to ensure a seamless closure.

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