ABC Ltd. was incorporated in April, 2018. Due to the recession in the market and technical reasons, the Company could not commence its business till now. In the current situation, promoters of the company are willing to

Ground on which promoters of the company can close down the company being non-operational: Company which has failed to commence its business within one year of its incorporation or 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 or The subscribers to the memorandum have not paid the subscription and a declaration to this effect has not been filed within 180 days of incorporation or The company is not carrying on any business or operations as revealed after the physical verification carried out under of the Companies Act.