Call Us Now

+91 9606900005 / 04

For Enquiry

legacyiasacademy@gmail.com

C-PACE (Centre for Processing Accelerated Corporate Exit)

Context:

The Ministry of Corporate Affairs (MCA) recently established C-PACE, or Centre for Processing Accelerated Corporate Exit, to bring efficiency into the strike off process of companies.

Relevance:

GS III: Indian Economy

Dimensions of the Article:

  1. About C-PACE (Centre for Processing Accelerated Corporate Exit)
  2. New Rules and Impact

About C-PACE (Centre for Processing Accelerated Corporate Exit):

  • C-PACE is an initiative established to centralize the process of striking off companies from the MCA Register.
  • It is located at the Indian Institute of Corporate Affairs in Gurgaon, India.
  • C-PACE operates through the Registrar of Companies (RoC) and has functional jurisdiction over processing and disposal of applications.
  • The center functions under the supervision of the Director General of Corporate Affairs (DGCoA).
Objectives and Benefits:
  • C-PACE aims to reduce the burden on the registry and streamline the process of striking off companies’ names from the register.
  • It facilitates hassle-free filing and ensures timely and process-bound removal of company names.
  • The establishment of C-PACE is part of the Ministry of Corporate Affairs’ (MCA) efforts to promote ease of doing business and ease of company exit.

New Rules and Impact:

  • As per the new rules issued by the MCA, applications for the removal of a company’s name under Section 248 of the Companies Act will be made to the registrar at C-PACE.
  • The implementation of C-PACE is expected to expedite the voluntary winding-up process, reducing the timeline from two years to six months.
  • Section 248 of the Companies Act allows for the removal of a company’s name from the RoC if it hasn’t conducted any business or operations for two consecutive financial years and hasn’t applied for dormant company status under Section 455 within that period.

-Source: Economic Times


February 2024
MTWTFSS
 1234
567891011
12131415161718
19202122232425
26272829 
Categories