Many a times, situation arise and it may not seem feasible to carry on the business due to its bad financial health, market shrinkage, product quality degradation, inability to compete with the brands and technology etc. In such a situation it is better to wind up the business instead of trying to survive as survival may result in adding extra cost and unnecessary financial burden on the Company. The easiest, fastest and cost effective method to close a Company is opt for Fast track exit scheme and striking off a Company. A Company satisfying the following conditions may apply under Fast Track Exit Scheme:

1. A company which has failed to commence its business within one year of its incorporation
2. A company which is not carrying on any business or operation for a period of two immediately preceding financial years