24 Jul 2010

Easy Exit Scheme, 2010

Having examined that "certain companies have been registered under the Companies Act, 1956, but due to various reasons some of them are inoperative since incorporation or commenced business but became inoperative later on and are not filing their due documents timely with the Registrar of Companies" and also being of the view that these "companies may be defunct and are desirous of getting their names strike off from the Register of Companies", the Ministry of Corporate Affairs, Government of India has proposed Easy Exit Scheme, 2010 which gives "an opportunity to the defunct companies, for getting their names strike off from the Register of Companies".

The Scheme is of limited duration and expires on 31st August, 2010 and does not apply to those companies which are enumerated on the negative list such as listed companies; companies registered under section 25 of the Companies Act, 1956; vanishing companies; companies where inspection or investigation is ordered and being carried out or yet to be taken up or where completed prosecutions arising out of such inspection or investigation are pending in the court; etc. The Scheme specifies the procedure to be followed by the eligible companies whereupon following the same, the Registrar of Companies would strike off the name of the Company.

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