A Private Limited Company is said to have perpetual succession but there are certain situation, where you will be forced to close/shut down your company. In order to close down your Private Limited Company, there are certain rules and regulations laid by the Ministry of Corporate Affairs, and there are certain documents needs to be submitted as per the norms.
FAST TRACK EXIT SCHEME:
Ministry of Corporate Affairs has issued Guidelines for "Fast Track Exit (FTE) Mode" as an opportunity to the defunct companies in order to close their Private Limited Companies which are not operative for more than a year to get struck off from the register under Section 560 of the Companies Act, 1956 in time bound manner. The Fast Track Exit Scheme has come into effect from 3rd July, 2011.