Sarwam Technologies Pvt. Ltd. is not carrying on any business or operation for a period of two immediately preceding financial years and has not made any application within such period for obtaining the status of a dorma

A company through its board of directors, can file an application for removal of name of company from the Register of Companies on the following grounds: Where a company has failed to commence its business within one year of its incorporation; or Where a company is not carrying on any business or operation for a period of two immediately preceding financial years and has not made any application within such period for obtaining the status of a dormant company under Section 455 of the Companies Act, 2013; or the subscribers to the memorandum have not paid the subscription which they had undertaken to pay at the time of incorporation of a company and a declaration to this effect has not been filed within 180 days of its incorporation. This provision is applicable to companies incorporated after 02nd November, 2018; or the company is not carrying on any business or operations as revealed after the physical verification carried out under section 12(9) of the Companies Act, 2013. Before making an application to the ROC for removal of the name of the company, the board of directors of the company shall take all the steps necessary in order to extinguish all its liabilities. Approval of the shareholders by way of special resolution or consent of seventy-five percent members in terms of paid-up share capital is also required to be taken for filing an application to the ROC for the removal of the name of the company from the Register of Companies. In the case of a company regulated under a Special Act, approval of the regulatory body constituted or established under that Act shall also be obtained and enclosed with the application. In the particular case, since the proposal has been approved by only 66% of the shareholders in terms of paid-up capital as against the required percent of 75%, the ROC will reject the application for removal of name of company from register of members.