Quick Summary
Firms applying for removal of their names from the Register of Companies will have to file financial statements and annual returns in order to cease business operations. To this effect, the Ministry of corporate affairs has introduced fresh conditions for companies that wish to de-register with the
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FAQ :
The MCA has implemented stricter norms, requiring companies to file all overdue financial statements and annual returns before applying for name removal from the Register of Companies.
A firm must file these documents up to the end of the financial year in which it ceased carrying out its business operations.
If the Registrar has already initiated action, the company must file all pending financial statements and annual returns prior to this action.
The move aims to ensure that firms remain accountable and responsible for their actions even after ceasing business operations.
Yes, the government has set up the Centre for Processing Accelerated Corporate Exit, effective May 1, to expedite the closure process.
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