STRIKE OFF means removing the name of the Company from the Register of Companies maintained by the Registrar of Companies. It is more like a Closure of the Company and the Company will not be in existence after being Struck Off and cannot perform any operation thereafter.
A compulsory strike-off is when the Registrar of Companies has reasonable cause to believe that:-
a) Company has failed to commence its business within one year of its incorporation,
b) The company is not carrying on any business or operation for a period of two immediately preceding the financial year
c) Subscribers to the memorandum have not paid the subscription money, etc.
A voluntary strike-off is when a company suo- moto applies to declare itself as a defunct Company. This will usually be when directors have no more interest to run the company, lacks sufficient funds, or want to focus on other projects.
