Lok Sabha
The Government had launched two Simplified Exit Schemes (SES) in the years 2003 and 2005 to enable names of defunct companies being struck off expeditiously under Section 560 of the Companies Act, 1956. Pursuant to these Schemes, names of 29069 companies under SES 2003 and 22885 companies in SES 2005 respectively have been struck off. The Government also initiated a review of companies which had not filed their balance sheets and annual returns during the last three years, as of 2005, for action to strike off the names of such companies as were found to be defunct and fit to be struck off. Names of 45,470 companies have so far been struck off through such action.
Orders of striking off the name of a company are passed by the Registrar only on a finding based on the statutory process and in exercise of powers provided under section 560 of the Companies Act, 1956.
This was stated by the Minister of Corporate Affairs, Shri Prem Chand Gupta in written reply to a question in the Lok Sabha today.
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BY/MK-62-07
(Release ID :33075)