Fast Track Exit mode is an easy mode of closing non-operating companies at cheaper cost with lesser formalities under section 248. A Non-Operative Company making application for strike off under the Fast Track Exit Mode i.e. FTE needs to file Form STK-2.
Here is a list of information required while filling Form STK-2:
To file Form STK-2, the company should have extinguished all its liabilities and execute a special resolution for removal of company name from register of companies with the consent of 75% of members in terms of paid-up share capital.
When a company is struck off, the name would be removed from the company register and it can not trade, sell its assets or make payments or even it can not get involved in any other business activities
Fast Track Exit mode is introduced by Ministry of Corporate Affairs for giving opportunity to non-operating companies for getting their names struck off from the records of Ministry of Corporate Affairs. Fast Track Exit mode is an easy mode of closing non-operating companies at cheaper cost with lesser formalities under section 248.