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Topic: Defunct companies

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	The Act means business
		Under this provision, the company which is in default or such other person shall be punishable with fine that may extend to Rs 5,000 and where the contravention is a continuing one with a further fine which may extend to Rs 500 for every day after the first during which the contravention continues.
		Companies which have not enhanced their paid-up capital to the entry level but are in fact in operation cannot be considered as defunct within the meaning of Section 560.
		In the case of Section 3 companies, failure to meet the capital adequacy for registration is visited with the fate of being deemed defunct and, accordingly, their names being struck off the register pursuant to a legislative diktat.
	www.blonnet.com /2001/07/26/stories/042601gv.htm (928 words)

	Defunct Audio Manufacturers - A - audiotools.com.
		Ebner married Hermine Steidinger in 1936, but she was the daughter of Perpetuum founder Joseph Steidinger and one of the main owners of that company, shortly thereafter AECO was merged into the Perpetuum company which became Perpetuum-Ebner and Hr.
		An Australian company created in 1913 by the merger of Marconi's Wireless Telegraph Co. Ltd (Australia) and the Australian Wireless Company (the local Telefunken lisencee), this merger was partly dictated or at the least encouraged by the Australian government which had a financial interest in the company.
		The company was active in making radios, hi-fi equipment, broadcast equipment and PA systems at the least into the early 80's and was one of the pioneers of the microgroove disks in the 1940's and the first company to make low noise 78'rpm pressings.
	audiotools.com /dead.html (2134 words)

	[No title] (Site not responding. Last check: 2007-10-15)
		The plaintiff's claim was as a director of the companies who was liable for the assessments, for economic loss as the owner of the three companies which were unable to carry on business as a result of the assessments, and for personal stress as a result.
		Also involved is a third defunct company, owned and controlled by the plaintiff, Temple Construction Ltd., which is said to have been unable to carry on as a result of various collection proceedings by the defendant.
		Harbottle, being that where a company acquired a cause of action, in contract or in tort, no cause of action vested in the shareholder, who can only influence the fortunes of the company by exercising her or his rights as a shareholder at a general meeting.
	reports.fja.gc.ca /fc/src/shtml/2002/pub/v2/2002fc29813.shtml (6849 words)

	ICAI (Site not responding. Last check: 2007-10-15)
		A defunct company means a company which never commenced business or which is not carrying on business and has either no assets or has such assets as shall not be sufficient to meet the cost of liquidation.
		The policy of the Department of Company Affairs governing the matter (Para 5 supra) is overpowered by the language of Secion 3(5), as the only criteria to be observed for considering the company a defunct its level of paid-up capital.
		The court granted its approval thereto weighing the total consent of shareholders behind the process of transferring the assets of the company amonst themselves, accepting the exemption from the compliance of the Property Act, 1925 and held that the property of the company transferred by the shareholders was not bona vacantia.
	www.icai.org /members/sep_jour12.html (2938 words)

	Daily news updation from CA in INDIA.ORG, a complete encylopedia for Chartered Accountants of India (Site not responding. Last check: 2007-10-15)
		The Department of Company Affairs’ (DCA) move to remove morbid and defunct companies from the live register has suffered a temporary setback with the Madras High Court granting an interim stay on the exit scheme prepared by the department.
		Of this, as of March 2002, nearly 1,70,939 companies are defunct companies.
		Companies who have opted for the scheme would not be subject to any prosecution proceedings or penalty for non-filing of annual returns and balance sheets and if there are any pending prosecutions they would also be withdrawn.
	www.cainindia.org /news3/2-8-3-9.htm (396 words)

	Liquidation - Winding Up TCI Companies
		The winding-up or liquidation of a company is governed by the provisions of the Companies Ordinance 1981 (as amended).
		The most common of which are that the company is unable to pay its debts or that the court is of the opinion that it is just an equitable that the company should be wound-up.
		Winding-up is commenced by petition presented by the company, by a contributory or by a creditor and the company is deemed to be in liquidation from the time of the presentation of the petition.
	www.turksandcaicoslaw.com /liquidation.htm (803 words)

	The Telegraph - Calcutta : Business (Site not responding. Last check: 2007-10-15)
		The region accounts for 33 per cent of the 1.7-lakh defunct companies, said Sheela Bhide, joint secretary in the finance ministry’s department of company affairs (DCA).
		Addressing a seminar on the simplified exit scheme (SES) for defunct companies and the benefits of computerisation, she said, of the 98,000 firms in the east, 56,000 are defunct.
		DCA is trying to make defunct companies aware of SES so that the department can weed out their records.
	www.telegraphindia.com /1040323/asp/business/story_3036268.asp (350 words)

	FL FILE FL 3 CIRCULARS DEFUNCT COMPANIES (Site not responding. Last check: 2007-10-15)
		Sub-section (5) to Section 3 further provides that where the companies fail to enhance their paid up capital in accordance with sub-clause (3) and (4) to Section 3, they will be deemed to be defunct companies within the meaning of Section 560 and their name shall be strike off from the register by the Registrar.
		It is, therefore, also proposed that companies which actually exit may not be prosecuted under the circular of 11th December, 2002, and if prosecutions have already been filed, they may be withdrawn immediately after the name of the company is struck off the register.
		The Registrar of Companies on receipt of application shall publish in the prescribed proforma (Annexure 'D') in one local and in one national daily, the list of companies that have applied, and are under consideration, for being struck off u/s 560 of the Companies Act, 1956.
	64.224.189.16 /SITE2/Ixpnews/COMPLAW/CL0101/Circular.htm (3157 words)

	The Hindu Business Line : ICSI suggests measures for smooth exit of defunct cos
		THE Institute of Company Secretaries of India (ICSI), while suggesting measures to make the exit for defunct companies easier, has said that a company should be required to attach only its latest balance sheet and not those of the previous years for which it had not filed with the Registrar of Companies (RoCs).
		One of the major problems faced by companies was the requirement that the application for availing SES should be accompanied by an affidavit of at least two directors, sworn before a magistrate or an executive magistrate.
		For the directors of a defunct company who are not residents of India, affidavits signed by them and duly attested by a competent authority as provided under the Companies General Rules may be accepted, it said.
	www.thehindubusinessline.com /2004/07/27/stories/2004072701010400.htm (512 words)

	Fast Track Exit Scheme For Defunct Companies Extended - Indlaw News (Site not responding. Last check: 2007-10-15)
		The Government (Department of Company Affairs) has extended the Fast Track Exit Route for defunct companies under Section 560 of the Companies Act, 1956, for a further period of one month from November 26, 2000 to December 25, 2000.
		The extension of the Fast Track Exit Rout for de-registration of defunct companies and waiver of original conditionalities follow various representations from companies, professionals, chambers of commerce and the three premier institutes of chartered, cost and works accountants and companies secretaries of India.
		For the remaining defunct companies, the Fast Track Exit Route was resorted to initially for a period of two months since extended by one month.
	www.indlaw.com /news2k-1699 (478 words)

	Texas State Board of Insurance: An Inventory of Charter Files at the Texas State Archives, 1873-1976 (bulk 1920-1976)
		Insurance companies filed charters and other records with the Board of Insurance that typically gave the name of the company, purpose, duration, names and residences of officers and directors, principal place of business, frequency of board meetings, and capital stock.
		Files of defunct mutual aid insurance companies from 1923 to 1957 and defunct insurance companies from 1927 to 1976 are in off-site storage.
		These companies had no capital stock, had their relief funds created and sustained by assessments made upon its members, and filed reports with the Insurance Commissioner to show they were not operating for a profit to benefit their officers or directors.
	www.lib.utexas.edu /taro/tslac/10165/tsl-10165.html (1842 words)

	Defunct Audio Manufacturers - R - audiotools.com.
		Company formed in 1968 by Jacob Rabinow to manufacture a linear tracking arm that he invented, there were problems with the arm and it's manufacture from the start and Mr.
		In 1991 Recoton took over the product lines, some assets and trademarks of 2 defunct companies, the antenna manufacturer Parsec along with the Discwasher company, strengthened it's standing in the video accessories market by acquiring Ambico in 1992 and that same year made their Canadian subsidiary a wholly owned one.
		The company started manufacturing tape recorders in the early 1950's and while moderatly successful and at the time were considered to be amongst the better quality consumer recorders available in the USA, that side of the business never became an important part of the company's output.
	audiotools.com /dead_r.html (1038 words)

	Category:Defunct computer companies of the Un... - Wikipedia, the free encyclopedia
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	Kuensel Online (Site not responding. Last check: 2007-10-15)
		Fifty-five Bhutanese companies that failed to comply with the Companies Act of the Kingdom of Bhutan, 2000, will be declared ‘defunct’ by the end of January, 2004, according to the ministry of trade and industry.
		Many companies were formed in order to benefit from their legal status but they failed to comply with the provisions of the Act.
		For smaller companies, the department of industry has proposed that an employee with a minimum qualification of Class XII could be appointed as their company secretary.
	www.kuenselonline.com /article.php?sid=3621&PHPSESSID=0ce7008b4d22577c39934b93f1dbe686 (721 words)

	Business Research Guide (Site not responding. Last check: 2007-10-15)
		Large publicly held multi-national companies often own dozens of smaller privately owned subsidiaries for which financial information is filed under the name of the parent company.
		When companies go out of business it is often difficult to locate information about their past operations, however, there are several useful resources that provide basic information for defunct companies.
		For private companies that are subsidiaries of public companies, annual reports are often the only way to locate information about their operations.
	www.ll.georgetown.edu /lib/guides/business.cfm (2265 words)

	Govt launches de-registration scheme for defunct cos
		The provisions for de-registration of a company are covered under section 560 of the Companies Act, 1956.
		The scheme is targeted at these companies, which will now be able to get their names removed from the register at a relatively lower cost.
		After this, two affidavits stating that the company is not doing any business, has no dues payable to the government and that the directors are jointly and severally liable for any dues which may come to light after the submission of application, have to be produced.
	www.expressindia.com /ie/daily/20001003/ibu03066.html (541 words)

	Defunct Companies
		All correspondence about company striking off is channelled through Company Extracts Section (CES) at the Centre for Revenue Intelligence (formerly TIDO) (INS5104a) or in Scotland Edinburgh St Giles (St. Giles).
		It refers the Companies House advance notification of striking off on form CES21 to the appropriate Assessing Office and co-ordinates the issue of objections to Companies House.
		Subsequent restoration of a dissolved company is a lengthy and costly process.
	www.hmrc.gov.uk /manuals/insmanual/ins5104.htm (370 words)

	Defunct Companies
		If you are approached by another company stating that it has taken over the agreement of the defunct company, look very carefully at your original agreement.
		The chances are that the defunct company cannot pass the rights on.
		If the new Company has the same directors write to the DTI as this is exactly the sort of thing they want to crack down on.
	www.theaoi.com /articles/texts/1998/maydefunct.html (1135 words)

	Myers, Fletcher & Gordon - Infrastructure Divestment – Who owns the Road? -Newsletter December 2000 (Site not responding. Last check: 2007-10-15)
		Section 320 of the Companies Act provides that, where the Registrar of Companies has reasonable cause to believe that a company is not carrying on business or is not operating, she may, after taking certain prescribed steps, strike the company from the register.
		Factors that may give rise to the presumption that a company may not be operating include its failure to file returns as mandated by the Companies Act or to respond to correspondence from the Registrar.
		It is therefore important for a company to file appropriate notifications and maintain current records of its affairs, such as the situation of its registered office.
	www.mfg-law.com /mar2002-c.html (584 words)

	The Hindu Business Line : Few takers for exit scheme for defunct cos
		WITH the Simplified Exit Scheme 2003 introduced by the Ministry of Company Affairs luring very few takers, the Ministry has now asked the Institute of Company Secretaries of India (ICSI) to suggest further simplification of procedures to be adopted by companies and Registrar of Companies (RoCs) for striking off the names of defunct companies.
		Further, the SES route applied not only to companies making application under Section 560 of the Companies Act - power of Registrar to strike defunct company off register, but to those companies also which have not raised their paid-up capital as prescribed under the Act.
		According to the data available as on December 12, 2002, there were around six lakh companies registered and nearly 1.7 lakh had defaulted in adhering to the guidelines issued by the Ministry pertaining to capital enhancement alone.
	www.thehindubusinessline.com /2004/07/17/stories/2004071702960600.htm (467 words)

	First list of Defunct firms' Deregistration in Jan.,2004
		After the ‘simplified exit scheme’ floated for the de-registration of defunct companies ends on December 31, office of the Registrar of Companies (RoC), Maharashtra, would be preparing a list of those companies that haven’t availed of the scheme and have also not submitted their balance sheets or annual returns for the past ten years.
		This was revealed by the RoC, Maharashtra, Vijayan Menon, while interacting with newsmen on the sidelines of a lecture meeting organised jointly by the Institute of Chartered Accountants of India (ICAI) and Institute of Company Secretaries of India (ICSI).
		But there would be several companies which are defunct and yet have a certain amount of unpaid liabilities, he said.
	www.sunilkhullar.com /news019.htm (355 words)

	Daily news updation from CA in INDIA.ORG, a complete encylopedia for Chartered Accountants of India (Site not responding. Last check: 2007-10-15)
		Sub-section 5 stipulated that failure to enhance the paid-up capital in the manner specified above shall result in such companies being considered as deemed defunct companies within the meaning of Section 560 and the Section further provided that therefore its name shall be struck off from the register by the Registrar.
		Certain companies were formed during the time of the Managing Agent System to act as Managing Agents and the income was only commission.
		There are other types of companies formed for a specific purpose and on attainment of objects they cease to exist.
	www.cainindia.org /news3/8-5-3-5.htm (517 words)

	HISTORIES OF DEFUNCT RECORD COMPANIES (Site not responding. Last check: 2007-10-15)
		The Aeolian Company issued their first vertically cut gramophone records on the Vocalion label in November 1916.
		All records from 1920 onwards were lateral cut and in 1923 the company began issuing double sided discs.
		One of the interesting features of Vocalion discs was that many of the single sided vocals, would have explanitory notes or the words to the song or aria pasted on the blank side.
	www.cremona.u-net.com /vocalian.htm (289 words)

	[Videolib] defunct companies (Site not responding. Last check: 2007-10-15)
		I know I come off like the big bad wolf on this but I am genuinely startled that people who make their life in media are so blithe to violate copyright.
		I think we are one of the few companies that gives poor Canadian libraries Free PPR on any title we can because of their highly restrictive laws.
		We're talking instances in which a library has acquired a legit copy from said defunct firm and in which the legit copy is either at physical risk or no longer playable on available technology.
	www.lib.berkeley.edu /pipermail/videolib/2003-March/000102.html (590 words)

	Is Your Company at Risk?
		After machine builder American Dixie Group Inc. seemed, according to some who knew the company, to focus more on sales than on management, the company was forced to declare bankruptcy.
		Consider the case of laser tag franchisor Q-Entertainment Inc. In 1996, when revenues had grown to more than $48 million, the company was reportedly neglecting its franchisees.
		The company tried to adapt by adding a delivery, pickup, and recycling service for disposables, but these attempts to diversify weren't enough.
	www.inc.com /articles/2000/11/21040.html (716 words)

	Texas Treasury Safekeeping Trust Company: No-Action Letter dated June 16, 2004
		TTSTC or the Comptroller's Office will stamp the face of all the cancelled certificates of existing companies it sells with a prominent mark indicating that they are cancelled.
		Texas law regarding unclaimed property requires financial institutions, businesses and government entities to report and remit to the state personal property they are holding that is considered abandoned or unclaimed according to statue.
		The Comptroller's Office desires to add to the auction items it currently sells stock and bond certificates which are not "marketable" due to (a) cancellation of the certificates, or (b) their issuance by a now-dissolved or defunct corporation for which certificates were originally issued.
	www.sec.gov /divisions/marketreg/mr-noaction/ttstc061604.htm (1405 words)

	My Company, My Self
		Before long, Bricklin was dealing with indignities often suffered by companies in decline: cataclysmic layoffs, a fire sale of company assets, and a bitter legal battle with VisiCorp, which brought suit against Software Arts.
		Of course, companies that are built around a super product can be immensely profitable and can last a long, long time.
		But no matter how you counted, Funk and Norton were doing great, and they made a big impression on me. I saw they had companies that were just big enough for their products, while other companies were trying to grow past their products, anticipating what their earnings might be.
	www.inc.com /magazine/19890701/5711.html (4265 words)

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