A US parent Co had a subsidiary in India
The US parent Co had accomplished its purpose of the Subsidiary and intended to close it down.
The closure process in India could take up to a year, but due to some strategic reasons, the US Co intended to draw a line within 30 days.
The process of voluntarily liquidating a Company which is solvent includes:
- A process which could take anything between 180 days to 365 days
- A constant engagement with the Indian Courts, Government departments and statutory authorities.
- Completion of the assessments, taking stock of all the physical accounting documents & records and storing the same.
We provided under Trust and indemnity 2 directors as nominees for the India Co
There was an escrow arrangement for the funds, accounting records between our firm and the US Co
The US Co nominee directors of the India Co resigned, and this enabled the US entity to do the restructuring without having to wait for the India Co to get liquidated.
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