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Q. > Please Help: Company Need to Closed
Dear friends I want to closed one private limited company but I face some problem and confusion I need your valuable opinion here is company balance sheet
ABC PRIVATE LIMITED 31st March 2013 Balance Sheet
LIABILITIES ASSETS
Share Capital Preoperative Exps 1500000.00
Mr.A 10 Profit & Loss 5000000.00
Mr.B 99990 100000.00 other Assets
Compulsory Convertible Debenture
Mr.B 5000000.00
Unsecured Loan
Mr.A 1500000.00
Deffered Tax Liability
DTL 15000.00
Till date we have we have following liability as under
DTL 15000
Debenture 5000000 (Issue to Share holder compulsory converted in to equity CCD)
Director Loan 1500000 (Director is also shareholder in the company)
Can Debenture Holder or Director waive their loan ?
If yes
then it will be capital profit for company or Not ?
If Yes
Can we adjust our Revenue Loss From Capital Profit ?
Loss = 5000000 & Preoperative exp 1500000.00
Or any way we can easily closed our company
Thanks
answered May 09, 2013 by Vikash Kumar Jha , Cuttack
If there is a scheme between company and any person than definitly go with that by following the procedure of arrangement under section 391 and thereafter we can follow procedure of internal reconstruction. And finally i have to say there is no any easy way to close the company you must have to go with section 560.
Experts Panelist
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