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CS Executive · Company Law and Practice · Legal Status and Types of Registered Companies

Meera Exports Pvt Ltd has not filed its financial statements or annual returns for two financial years consecutively and has made no application for dormant status. What does section 455 require of the Registrar?

The Registrar shall issue a notice to the company and enter its name in the register maintained for dormant companies. Under section 455(4), failure to file financial statements or annual returns for two consecutive financial years triggers this, without any application by the company.

  1. AIssue a notice to the company and enter its name in the register maintained for dormant companiesCorrect
  2. BImmediately prosecute the directors and dissolve the company
  3. CWait for the company to apply and take no action otherwise
  4. DRefer the matter to the Tribunal to order dormant status

Explanation

Section 455(4) provides that where a company has not filed financial statements or annual returns for two consecutive financial years, the Registrar shall issue a notice and enter its name in the register of dormant companies. Dissolution is not the consequence under this sub-section, and no Tribunal referral is needed.

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