If a private limited company wishes to close down all its business operations, bank
accounts and winding up the organization, the management of the organization
(Including the directors, agents, investors, shareholders, etc.) is required to
follow the
procedure of the Companies Act, 2013, and the Registrar of Companies (ROC). Failing
to do so, the liable individual would face civil or criminal offense as per Section
284 - 356 of the Act. The law enforces
imprisonment of upto 5 years or a fine of Rs. 10 Lakhs or both.
