Our Expert CA/CS Will Professionally File the Form to Close Your Indian Subsidiary Flawlessly
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If you do not want to continue your Indian Subsidiary Company, it is better to close it on time. Otherwise, you have to maintain some compliance against the company. Unless you maintain company compliance, you may be fined or penalized. After closing the company all compliance and responsibilities will be null and void. You need not submit a yearly audit report for your company. You need not hire a CA/CS to submit the audit report for the company. So, you should better wind up the Indian Subsidiary so that you can avoid all such complications and penalties.
If you wish to close your Indian Subsidiary Company, you have to submit a closing form to ROC, along with the proper documents. It might be complicated and ambiguous. You may make a mistake or not know the proper way to file it. Then, it would be another burden for you as the company will not be closed. Don’t worry. Contact Online Legal India today to strike off your company, and stay confident that your company will be closed very soon.
To strike off your subsidiary company, you have to follow the procedure of section 248 of the Companies Act. Any company can voluntarily apply to remove the name of the company from the Register of Companies.
For winding up an Indian subsidiary under Section 248, the company has to satisfy the following conditions: They are:
Once the above-mentioned terms are satisfied, you can apply to wind up the Indian subsidiary. The steps are mentioned below:
The parent company directors must convene a board meeting to pass a resolution that declares that all the directors want to strike off the company. The resolution must be passed by a majority of the total number of directors.
You need to pass a special resolution in the board meeting for the closure of the Indian subsidiary, describing the current situation for which you want to close it.
The outstanding debts and liabilities of the subsidiary company must be settled. The NOC letter is also essential to inform the creditors that the company is going to be closed.
The acceptance of the company regulatory authorities of the company dilution is necessary to submit to the ROC. The tax authorities must provide a clearance certificate.
If the subsidiary company needs to liquidate any property to settle the debts and liabilities, it should do so. Otherwise, the objection may be raised during the closure, and it will not be closed.
According to the Companies Act 2013, the subsidiary company authorities should publish the notice of company closure consecutively for a month in English newspapers and a vernacular daily.
The subsidiary company needs to get approval from the tax authorities, labor department, and similar sections, and it must be submitted to the ROC.
All the bank accounts of the company need to close and transfer any remaining funds to the account of the parent company or distributed to the shareholders- as per the decision of the board of directors.
Comply with the legal requirements that you have to follow. Learn it from the register of companies or the rulebook.
Prepare a file to arrange all necessary documents with the ROC, including the fast-track exit form (FTP form), and submit it to the ROC. The documents include:
Upon receiving the application, the Register of Companies will create a public notice with the declaration of the Indian subsidiary closure application. The register also mentions that the name of the company will be removed from the register of companies. The notice period is 30 days.
If no objection is received from anybody to the register within that notice period, or if the object received is not valid, the register will proceed to deregister the name from the Register of Companies.
The Following Documents Are Essential for submitting Indian Subsidiary Winding Up
Filling out the form STK-3 is essential for submitting an indemnity bond. The bond must be notarized by every director of the company.
The form STK-4 needs to be filled out duly, and all the directors have to declare that there are no debts or liabilities during the activity or inactive time.
A copy of the financial statement of assets and liabilities must be furnished, which must not be prepared less than 30 days before submitting the application. Debts and liabilities must be nil during the submission for Indian Subsidiary Companies. This statement of account must be certified by a Chartered Accountant.
A notice must be conducted with the information that there is a board meeting for special resolution of the subsidiary winding up.
The board meeting will pass the special resolution to wind up the company, where more than 75% of members need to provide consent in written format. A copy or special board resolution must be submitted.
If there are any pending litigations involving the company, they must be settled.
The company must obtain a No Objection Certificate from the regulatory authority of the company.
If the company has shares for the public, they must be closed and delisted from the share market.
All these documents must be submitted to the ROC. After submitting the documents, the company will process to deregister from the register of companies.
If everything is found perfect as per the documents and form submissions, the Register of Companies will provide a public notice that the company is about to close soon.
If no objection is found within 20 working days after the notice, the register will proceed with the closure of the Indian subsidiary. To complete the process, it takes 3 to 4 months from the end of ROC.
The register of companies will issue a certificate against the closure of the company.
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‘Kahin par pohochne ke liye, kahin se nikalna bohot zaroori hota hai’
- Yeh Jawani Hain Deewani
- Rajesh Kewat
We all know today’s world is totally running on online technology, to utilize this online platform and preventing people from moving pillar to post that small town entrepreneur came up with an one stop solution for providing all sort of legal and professional services at their doorstep in the name of FastInfo Legal Services Pvt. Ltd.
We all know today’s world is totally running on online technology, to utilize this online platform and preventing people from moving pillar to post that small town entrepreneur came up with an one stop solution for providing all sort of legal and professional services at their doorstep in the name of FastInfo Legal Services Pvt. Ltd.
A small town boy with a dream in his eyes to reach the sky. Mr Rajesh Kewat who is the Managing Director and Founder of one of the Leading Online Business Sector “FastInfo”.
He believed positive motivation & inspiration are the hallmark of success for the entrepreneur from a small town, there may not be availability of proper resources but will power and confident is a gentle way to achieve the success.
Under the brand name of Online Legal India which is basically focused on fighting against online fraud and providing professional services for business compliances. Online Legal India became one of the India’s leading online companies and within a short period of time it grabbed customer’s heart. Online Legal India basically dealing with consultation services on Legal matters, GST filing and Registration, TAX compliance,
IEC Registration, FSSAI Registration, Company Registration, Trademark Registration, Consumer Complaint and many more.
When Online Legal India was flourishing at a higher range, and reaching out the customers for the legal and business compliance with a high outcome, FastInfo had decided to come up with an E- Learning platform to serve the students in both urban and rural areas. He realized there are many students in the rural areas who are lacking in the education due to the lack of proper infrastructure& there are large number of students from distance education or open universities who are not getting enough help from anywhere.
Mr Rajesh Kewat(Founder) who was associated with one of the leading education sector OXFORD for a long time decided to come up with an idea of enhancing his skill in the education sector. Therefore, he came up with an idea of launching an Online Educational Platform and making it accessible throughout the nation which enables LIVE interactive classes between a teacher and a student. He named the same as “FastInfo Class”, this is the online platform to provide education to the students and at the same time providing quality guidance. FastInfo Class provide the online tuition to IGNOU & NIOS bachelors and masters’ student, students appearing for Competitive Examslike Banking Exam including IBPS Exam, Railway Exam (RRB Exam), UPSC CSE etc and also provide helps for co-curricular courses.
Like this, FastInfo is growing towards the achievement to become the India’s largest online platform for e- commerce sectors. FastInfo is yet to come up with many more projects in upcoming future like FastInfo Tech which is going to be launched very soon for the IT sector.
The story of Rajesh Kewat, a simple man from the small town of West Bengal, might seem like a run of the mill rags to riches story, but it is so much more:
We come across many rags to riches stories in a lifetime. Most of the stories are about an individual toiling hard to become significant in the world. The story of Rajesh Kewat, a simple man from the small town of Dinhata, West Bengal, might seem like a run of the mill rags to riches story, but it is much more. It is a story of a hardworking man who has managed to turn his fortunes and is now dedicated to simplifying the lives of those around him. Rajesh Kewat, a Masters in Computer Application is the Managing Director of FastInfo Legal Services Pvt. Ltd.
FastInfo Legal Services, formerly known as True Consultants was initially a platform for online RTI applications. The existence of an online portal for the same bridged the gap between the citizens and their right to question. The platform helped the citizens’ voices reach the correct places at a menial cost, affordable to all.
Online Legal India, another venture of Rajesh Kewat also enables easier procedures for GST Filing & Registration, Company Registration, Trade Mark Registration, and many more. It is a boon for small scale businesses as well, as it helps with formalities like business registrations & compliances.
Rajesh Kewat has been unstoppable once he realized the potential of simplifying lives with the help of the digital platform. He also started the FastInfo Classes that are not just online tutorials available for school students; it also has classes for competitive exams. There are multiple distance learning courses that are available on the platform. Many realize the positive and significant change that one can bring around, but only a few take a leap of faith and work to create that change.
Rajesh Kewat had been through the worst phase of his life in 2017, when he lost everything he had, to the point of being financially broke. But, it is his perseverance and confidence that helped him take back his worth and be a much stronger individual. He is a fine example to prove that to run a business, all one needs is the will to work hard and a sharp mind to make the right decisions.
A man of dreams and conviction, he shows in action how to never stop dreaming
Rajesh is a small-town entrepreneur, who just three years back had seen the whole of his life, crippling in front of his eyes as he fought with the world for his love. He lost his job, assets, and all his money to save his love and the phase was obviously very painful for him. This unknown storm had left him with no belongings but he was not yet completely broken. He carried in him a stunning spirit to fight back, get up, and create a beautiful future for himself.
From there on, he started building his own ladder to success without any financial support & only with blessing of those special people who blessed him in that tough time. He turned his venture FastInfo Legal Services Pvt Ltd into a profit-churning enterprise in no time and today boasts of a wide clientele and hundreds of positive testimonials.
Rajesh was born in Dinhata in 1985, in a lower-middle-class family. His father was an Assistant Manager at a petrol pump back then. His schooling was at Stationpara Saranarthi High School and then he pursued his Bachelor of Computer Applications from IGNOU followed by his Master of Computer Application from Punjab Technical University.
Being entrepreneurial in nature with a vision to support the greater good of society, he started working as an RTI activist while still studying, helping to educate people and supporting them in crucial matters.
His professional career began with a job at Lalani Computer Academy where he worked as a marketing executive for a humble pay of Rs. 2000 per month. For the next twelve years, he worked across a number of small firms, including Brainware Computer Academy, FirstSource Solution Limited, and took on the role of a teacher at Brahmani Chowki High School. Then he joined Educomp Solution Limited, Pearson India Education Services Pvt Ltd followed by Oxford as a Consultant.
Even while he was making his professional career, the idea of serving society never left him. His decade-long experience as an RTI activist prompted him to do something bigger to help the people. So, he came up with an online platform under the head of True Consultant to file RTI applications, which is open to everyone who wants to exercise their right by filing their RTI application at a very nominal charge.
While implementing these businesses, he came up with a new innovative online platform for the education sector named FastInfo Class.
This focused on Distance Education and online tutorial for the preparation of competitive exams as there were lagging with systematic tutorial classes and study centre through www.fastinfoclass.com.
Rajesh Kewat, Founder and Managing Director of the FastInfo Legal Services Pvt. Ltd. was awarded “Businessman of the Year” by renowned Bollywood actress Malaika Arora at the first edition of the National Fame Awards 2022 presented by Brands Impact in a ceremony held at one of the most opulent hotels, Vivanta New Delhi, Dwarka.
India’s top branding company Brands Impact organized the first edition of the National Fame Awards aiming to recognize the efforts and dedication of individuals and companies that have risen to fame and have nationwide supporters/ clientele, owing to their talent and contributions to various industries.
Congratulating Mr. Kewat, Amol Monga, Founder and Director of Brands Impact said “It is a matter for pride to be honouring people like Mr. Kewat who inspire thousands of budding entrepreneurs and businessmen who wish to make it big just like him. I wish him even greater heights of success and prosperity for future"
A man with humble beginnings, Mr Rajesh Kewat is the Founder and Managing Director of FastInfo Legal Services Pvt. Ltd. He grew up in a small town named Dinhata in the Cooch Behar district of West Bengal. As it's said that adversity is a great teacher and Mr. Kewat definitely learned a lot from his days of struggle. To help run their household, he started working at a young age.
On receiving the award, Mr. Kewat said, “This is a very proud moment for me, I want to dedicate this award to each and every member of the FastInfo group, my family members and all my well-wishers without whose support, it wouldn’t have been possible for me to stand on this stage today. I might be present here today physically, receiving this award but there are hardworks of many people behind this achievement. I would also like to thank Ms. Malaika for presenting me with the award.”
He wanted to achieve big things in life and knew becoming a businessman was one way to do so. People often think that a huge investment is needed to start a business. Yet, Mr. Kewat proved everyone wrong by starting his business with only an investment of rupees 1000 and today owns a group of companies with a turnover of crores. His group of companies comprises of six brands namely Online Legal India, FastInfo Class, Online RTI Application, Innovative Bharat, OnlyDesi, and Online Class India. As per his beliefs, anyone with a passion for business can become an entrepreneur and he always derives utmost satisfaction in encouraging the youth of the country. Mr Kewat believes, “You don’t need money to build your business empire, what you need is big dreams and a sharp mind! If you got it, try it.”
An ardent social worker, he has always found a way to give back to society, be it through filing RTI applications for free as a teen to launching his own websites like Online Legal India for legal advice, and FastInfo Class for Online Spoken English classes at an affordable fee of rupees 299/month. Inspiration for this is deeply embedded in his own experiences. As a child, due to challenging financial conditions, he had to transfer from an English-medium school to Bengali- medium and from then he has faced firsthand problems arising due to the lack of fluency in spoken English. To help people from tier three cities overcome this problem he is on his newfound mission to provide Spoken English and overall personality development classes by opening up centers starting with his district Coochbehar.
Recently, he launched the Online RTI Application website absolutely free for the public to obtain expert advice on RTI filing. His main goal has always been to bridge the gap between affordability and accessibility.
A journey of a thousand miles begins with a single step, and for Mr Rajesh Kewat this is just the beginning of his journey. He will always find ways to help society and encourage entrepreneurship among the youth of India!
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An Indian subsidiary is a form or company that acts as an extra arm to assist the parent company in reaching out to different regions, and business areas or adding to new services with a new board of directors with different liabilities. The main company should have more than 50% of the shares of any Indian subsidiaries. A foreign company can also invest in forming Indian subsidiaries.
