The term ‘vanishing company’ is not defined under section 2 of the Companies Act, 2013. Rather, it is defined under the Explanation to rule 3 of the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016.
‘Vanishing company’ means a company, registered under the Act or previous company law or any other law for the time being in force and listed with Stock Exchange which has failed to file its returns with the Registrar of Companies and Stock Exchange for a consecutive period of two years, and is not maintaining its registered office at the address notified with the Registrar of Companies or Stock Exchange and none of its directors are traceable
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Whether the concept of Alternate Director also applicable in case of Foreign Director as he is already residing outside India ?
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In case of appointment of Alternate Director, whether the Master Data of the Company reflects the Original Director too ?
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In what circumstances, special notice is required for the appointment of person other than the retiring auditor ?
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What is the offer period of private placement offer cum application letter in case shares are issued on private placement basis ?
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Is it possible to file the Unaudited Financial Statements of a Company, if yes, whether there is any option to file the Audited Financial Statements after filing of Unaudited Financials ?
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If an individual does not hold majority stake in the member company of the reporting company, whether filing of BEN-2 is applicable or not?
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Are there any restrictions or limitations on the number of foreign directors in an Indian Company ?
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Whether, any assets or liabilities for Indian party (i.e. domestic assets and liabilities) are to be included in the FLA return?
Dear Juhee,
The term "Vanishing Company" doesn't define in Company Act 2013.
As per MCA General Circular No. 2 /2010 ,A company would be deemed to be a vanishing company, if it is found to have:
a) Failed to file returns with Registrar of Companies (ROC) for a period of two years;
b) *Failed to file returns with Stock Exchange (SE) for a period of two years (if it continues to be a listed company);
c) It is not maintaining its registered office of the company at the address notified with the Registrar of Companies/ Stock Exchange; and
d) None of its Directors are traceable.
Thankyou!!!