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CS Professional · Corporate Restructuring, Valuation and Insolvency · Strike Off and Restoration of Name of the Company and LLP

Under Section 378ZP(1), what must the Registrar do before passing an order striking off a Producer Company for no longer carrying on its objects?

Before striking off, the Registrar must give a notice to show cause to the Producer Company, with a copy to all its directors, on the proposed action. He must also give a reasonable opportunity to represent its case. Member consent, a twenty-year wait or a liquidator's report is not required.

  1. AObtain the consent of at least three-fourths of the Members
  2. BGive a notice to show cause to the company, with a copy to all its directors, and a reasonable opportunity to represent its caseCorrect
  3. CPublish a notice in the Official Gazette and wait twenty years
  4. DObtain a final report from the Official Liquidator

Explanation

The proviso to Section 378ZP(1) requires a show cause notice to the Producer Company, copied to all directors, and a reasonable opportunity to represent its case before the order. Member consent is not required. The twenty-year period relates to restoration under Section 252(3), and the Official Liquidator's report relates to dissolution after winding up.

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