MCA Establishes C-PACE for Process-Bound Striking off Companies from MCA Registry
MCA – C-PACE – striking off – Companies – MCA Register – Taxscan
MCA – C-PACE – striking off – Companies – MCA Register – Taxscan
The Ministry of Corporate Affairs (MCA) has established C-PACE or Centre for Processing Accelerated Corporate Exit to ensure procedure and time-bound striking off of names of Companies from the MCA Registry of Companies.
This new institution will reduce the burden on the Registry and maintain the cleanliness of the registry, while also providing stakeholders with more meaningful data, by implementing centralization. The C-PACE will make it easier for stakeholders to file their company's striking-off applications and get them processed in a timely, process-bound manner. The MCA has implemented several measures in the recent past to improve the Ease of Doing Business and ease the exit process for companies.
The C-PACE institution, established under sub-section (1) of section 396, will operate through the Registrar of Companies (RoC) and be responsible for processing and disposing of applications. On May 1, 2023, the Office of C-PACE was inaugurated by Shri R.K. Dalmia, Director, Inspection & Investigation, MCA. Shri Harihara Sahoo, ICLS, has been appointed as the first Registrar of the office of C-PACE. The C-PACE office will work under the supervision of the Director General of Corporate Affairs. (DGCoA), New Delhi.
The C-PACE was established under MCA Notification No. S.O. 1269(E) dated 17th March 2023 and is situated at Indian Institute of Corporate Affairs (IICA), 7th Floor, Plot No. 6,7,8, Sector 5, IMT Manesar, District Gurgaon (Haryana), Pin Code – 122050. Subsequently, vide notification No.G.S.R. 298(E) dated 17th April 2023, the Ministry amended the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2023, which came into effect on May 1, 2023.
C-PACE is expected to provide stakeholders with more meaningful data, streamline the process of striking off company names from the Register, and make it a hassle-free experience. The appointment of Shri Harihara Sahoo, ICLS, as the first Registrar of the office of C-PACE will ensure that the institution operates efficiently under the supervision of DGCoA.
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