MCA issues new rules on voluntary exit of companies

18 Apr 2023 Livemintadmin

Companies keen to exit their business for various economic reasons can now hope for quick regulatory clearance with the government operationalising the newly set up Centre for Processing Accelerated Corporate Exit (CPACE).

The Ministry of Corporate Affairs on Monday notified the rules authorising CPACE to handle this work, taking over the task from RoCs across the country. CPACE is set up at the Indian Institute of Corporate Affairs, an institution attached to the ministry.

The amended rules for removal of companies from the official register will be effective 1 May, the ministry said while also bringing out the forms for voluntary closure.

The move of shifting voluntary closure of companies to a centralised agency is part of a revamp of the approval process for various corporate filings aimed at uniform and quick decision-making process.

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