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In the framework of corporate governance, the Ministry of Corporate Affairs (MCA) continues to focus on bolstering ease of compliance and ease of doing business in the year 2023. The establishment of Central Processing for Accelerated Corporate Exit (C-PACE) signifies a proactive approach to faci
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FAQ :
C-PACE (Central Processing for Accelerated Corporate Exit) has been operationalised to provide swift approvals for companies intending to close their operations voluntarily.
As of 30th November 2023, 1,96,028 companies and LLPs were incorporated during the calendar year 2023.
Amendments to the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 empower Regional Directors to expedite merger approvals. If a Regional Director doesn't act within the specified time, it's deemed they have no objection, and confirmation is issued.
The bill requires CCI approval for transactions over Rs 2,000 crore, reduces the timeline for final orders to 150 days, and expands the scope of anti-competitive agreements. It also introduces a framework for settlement and commitment for faster resolutions.
These amendments enhance disclosure requirements related to material accounting policies, accounting estimates, and deferred tax, along with other consequential amendments and editorial corrections.
The Companies (Prospectus and Allotment of Securities) Second Amendment Rules, 2023, mandate the dematerialisation of shares for larger private companies, excluding small companies.
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