When may a company be given a "dormant" status ?

According to section 455(1) of the Companies Act, 2013 when a company is formed and registered under this Act: For a future project; or To hold an asset or intellectual property and has no significant accounting transactions OR An inactive company. Such a company may make an application to the Registrar of Companies in such a manner as may be prescribed in form MSC-1 to have it declared as a dormant company. For the above purpose "Significant accounting transaction" means any transaction other than Payment of fees by a company the Registrar Payment made by it to fulfil the requirements of this Act or any other law Allotment of shares to fulfil the requirements of this Act; and Payment for maintenance of its office and records "Inactive company means- A company which has not been carrying on any business or operation or has not made any significant accounting transaction or has not filed financial statements and annual returns during the last two financial years. The Registrar shall, after considering the application filed in Form MSC-1, issue a certificate in Form MSC-2 allowing the status of a Dormant Company to the applicant. In case of a company which has not filed financial statements or annual returns for two financial years consecutively, the Registrar shall issue a notice to that company and enter the name of such company in the register maintained for dormant companies. (Section 455 (4))