Parang Soca S on this page. For nearly three years now, Ashok Segu has been on a fruitless quest. The 52-year-old technology entrepreneur who is trying to wind down a failed venture is being held back by red- tape that makes it impossible to formally close a business swiftly in India. The Death And Life Of Great American Cities Ebook.

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Segu's software outsourcing firm Zen Sutra has been dormant ever since the cofounders exited the venture eight years ago. Eager to start anew, he decided to complete legal formalities for the closure of the firm in 2011.

That's when his troubles began. Efforts to delete Zen Sutra from the listing in the Registrar of Companies have remained unsuccessful so far, while it took nearly three years to complete formalities to close tax accounts in the company's name. Meanwhile, his new venture, a real estate development firm, had to remain on ice, because as a director in a defunct company that is alive on paper, he cannot raise funds or invite directors onto the board of his new company. 'Starting a company in India is a one way journey with no exits,' said Segu who returned to India after having closed a technology startup in the US a decade ago. 'In the US, you can close a company in weeks, if not days.' Every day at least two new startups are set up in India.

But at the end of three years, only one in 10 survive and entrepreneurs keen to close a failed venture and move on find that Indian laws do not let go so easily. The Ministry of Corporate Affairs lists 13.6 lakh registered companies in the country of these nearly 5 lakh are dormant, inactive or defunct. This lack of clarity is affecting entrepreneurial growth, said experts. 'India's archaic laws to shut down ventures tear down entrepreneurs financially and emotionally at a time when they are bankrupt and most vulnerable,' said Ravi Gururaj, chairman of Nasscom's product council and cofounder of Frictionless Ventures, a technology incubator. An active investor in early stage ventures, Gururaj said he notices that there is less fire left in entrepreneurs who have encountered a barrage of red tape after closing an unsuccessful business. 'A single window clearance for shutting down companies is severely needed,' he added. Liquidation of a company in India is a long drawn and costly process that can last from six months to one year.

If a creditor declines to give a no-objection certificate, the closure may take years. Liquidation charges can also go up to Rs 4 lakh if a company has large assets like plant, machinery, patents or land. 'All debts and licences have to be retired,' said Pankaj Agarwala, a Bangalorebased chartered accountant who estimates that even internet firms with minimal assets will still take six months to wind up under a fast- track mode under section 560 of the Companies Act. MR Bhat, the registrar of companies in Bangalore, said certain timelines mentioned in the Companies Act have to be followed. 'An entrepreneur can apply for a legal closure only after the company has been shut for a year.' But even after that it will take five-six months if the books are clear.

Otherwise, it will take much more time. 'An entrepreneur never starts a business with a purpose to close it down. Given the fact that 90 per cent of businesses fail, it is even more important to give them protection under law and help start all over again,' said K Vaitheeswaran, founder of Indiaplaza, an online portal which is on the verge of closure.