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    Winding up of Section 8 Company

    Posted By : Juhee Goyal / Published on : 17-Apr-2023 07:13 AM / View : 148 / Comment : 1

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    Hi Everyone!

    How will the surplus be treated in case of winding up of Section 8 Company?
    Read more on : company section winding

    • In the event of winding up of a Section 8 Company (a not-for-profit company registered under Section 8 of the Companies Act, 2013), any surplus or assets remaining after satisfying all debts and liabilities shall not be distributed among the members of the company.

      Instead, such surplus or assets must be transferred to another Section 8 company or a registered charitable trust with similar objects as the original Section 8 company. The transfer of assets must be done with prior approval of the concerned authorities, such as the Regional Director or Registrar of Companies.

      The objective of this provision is to ensure that the assets of the not-for-profit company are utilized for the benefit of society, in accordance with the original charitable objectives of the company.

      17-04-2023 / 09:50:40 AM
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