The Ministry of Corporate Affairs (MCA) has introduced the Centre for Processing Accelerated Corporate Exit (C-PACE) to simplify the process of removing companies from the MCA Register. This initiative aims to enhance the ease of doing business and facilitate smoother exits for companies.
C-PACE will centralise the procedure, significantly reducing the registry’s burden. It promises stakeholders hassle-free filing and timely, process-bound removals of company names. Established under Sub-section (1) of Section 396, C-PACE will operate through the Registrar of Companies (RoC) to handle and process applications.
R.K. Dalmia, Director of Inspection and Investigation at MCA, inaugurated the C-PACE office on 1 May 2023. Harihara Sahoo, ICLS, has been appointed as the first registrar, working under the Director General of Corporate Affairs (DGCoA), New Delhi.
C-PACE will help maintain a clean registry and offer stakeholders more meaningful data,’ stated an MCA spokesperson. Companies can now anticipate a seamless exit process thanks to C-PACE’s establishment.
The Ministry of Corporate Affairs (MCA) has made a significant move with the launch of the Centre for Processing Accelerated Corporate Exit (C-PACE). This initiative is set to streamline the process of company deregistration, centralising and expediting the procedure. By doing so, the MCA aims to reduce the administrative burden on the registry and provide a more efficient and hassle-free exit for businesses. This development is expected to enhance the ease of doing business in India, allowing companies to focus more on growth and operations rather than procedural complexities during exit.
Navigating the complexities of company deregistration can be daunting. Vakilsearch offers comprehensive services to facilitate smooth and efficient company exits, ensuring compliance with the latest MCA initiatives like C-PACE. Our expert team manages all aspects of the deregistration process, providing hassle-free solutions and timely processing. Partner with Vakilsearch for a seamless exit experience, allowing you to focus on your next business venture with peace of mind.
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