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Under Companies Act 2013, a new set of companies called as dormant companies has been recognized. For obtaining the status of the dormant company, a company or an inactive company may make an application to the registrar which is formed and registered under the Companies Act 2013 for a future project or to hold an asset or intellectual property[1] and which has no significant accounting transaction.
Inactive company is the company which has not –
Before explaining the process of conversion of Dormant Company into Active Company, it is important to know how the Company obtains the status of the Dormant Company and what exemptions are availed by the dormant Company.
A Company can obtain the status of Dormant Company either by-
1.Suo-Moto (Voluntarily) – A Company can apply Suo-moto to the registrar of Companies for the status of a “Dormant Company” in Form MSC-1 along with such fee as provided in the Companies (Registration Offices and Fees) Rules,2014.
2. ROC can declare a company as a Dormant Company – The registrar may issue a notice to a company, In case of a Company has not filed financial statements or annual returns for 2 financial years consecutively. The ROC enters the name of such company in the register maintained for the companies which have obtained the status of Dormant Company.
For obtaining the status of Dormant Company following conditions must be fulfilled-
Recommended Article: Conversion of Private Limited Company into Section 8 Company.
For conversion of Dormant Company to Active Company, a company is required to follow the following procedure-
Also, Read: Conversion of OPC into Public Limited Company.
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