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CS Executive · Company Law and Practice · Dormant Company

Vistara Heritage Pvt Ltd was incorporated to hold a trademark it acquired and has made no significant accounting transaction since. Its directors wish to obtain dormant status. To whom must the application be made?

The application for dormant status is made to the Registrar in the prescribed manner. Section 455(1) allows a company formed for a future project or to hold an asset or intellectual property, with no significant accounting transaction, to apply to the Registrar, not to the Tribunal.

  1. AThe Registrar, in the prescribed mannerCorrect
  2. BThe National Company Law Tribunal
  3. CThe Securities and Exchange Board of India
  4. DThe Central Government through a special resolution only

Explanation

Section 455(1) provides that a company formed to hold an asset or intellectual property with no significant accounting transaction may apply to the Registrar in the prescribed manner for dormant status. The Tribunal is not the authority for this application.

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