Since a company has its own separate existence, meeting regulatory compliances and existing apart from its directors and shareholders, it also has its own method of ceasing to exist, rather than an inoperative company simply ceasing to exist. A company whose shares may be traded freely amongst the public is referred to as a Public Limited Company, and it may be listed/unlisted on stock exchanges. It requires at least 3 directors for its operation. A Public Company may shut down if the Company needs to undergo liquidation in order to pay off creditors, or if the members of the Company wish to close it.

Broadly, the dissolution of a Public Company occurs in three stages:

• A Dissolution Resolution must be adopted by 75% of the shareholders, post which an application should be sent to the RoC containing the necessary documentation;
• this application is followed by liquidation, which often is the most complex step requiring careful oversight;
• Finally, the expunged from the records of the MCA, at which point it ceases to remain in existence.

Filing a closing application with the Registrar is required as only after the MCA's records are updated is a Company free from all legal compliances and officially closed. Requirements for closing a public Company are tedious procedural steps, so leave the work of figuring them out to our experts by signing up for our Public Company Closure service today, so that you can focus on life ahead of your earlier Public Company!

1. The company has filed its up to date all the financial statements and annual return with the Registrar of Companies.
   
2. The subscriber to the Memorandum have not paid the subscription which they had undertaken to pay at the time of incorporation and a declaration to this effect has not been filed within 180 days of the incorporation.
   
3. The company is not carrying on any business or operations as revealed after the physical verification carried out under section 12(9) of the Act.
   
4. The company has no secured loan and no charge is in existence.
   
5. No inquiry, technical scrutiny, inspection or investigation is ordered or pending against the company.
   
6. No prosecution or any compounding application for any offence under the Act or under any of the other Acts is pending against the company or against the undersigned.
   
7. It require a special resolution or consent of at least 75% of the shareholders/members. Further the company closure request should be filed after repaying all creditors, disposing all assets and closing all bank accounts. Further, kindly note the following points:
   

       Take NOC form after clearing the dues/liabilities.

       If you are registered with any government department, then you must seek NOC to close the business operations etc.