Defunct Company A defunct company can be defined as a company who has not been in business either since one year of its incorporation or has failed to deliver any business in the preceding two financial years.
The company act is clear on the duties and liabilities of directors of the company whether they are managing directors, executive directors or independent director of the company.
Precautions to take before applying for the resignation By agreeing to become a director of a corporation, a person automatically accepts the duties and responsibilities related to that position.
SSI is the industrial undertaking which has one time fixed investment in plant, machinery and other equipment required to set up a small scale industry held either on ownership, lease or hire basis.