CORPORATE LAW UPDATE
17th May 2023
Issue No. 03/23-24
THE MINISTRY OF CORPORATE AFFAIRS NOTIFIES THE COMPANIES (REMOVAL OF NAMES OF COMPANIES FROM THE REGISTER OF COMPANIES) SECOND AMENDMENT RULES, 2023.
By a gazette notification bearing no. G.S.R. 354(E). dated 10th May 2023, the Ministry of Corporate Affairs (“MCA”) has notified the Companies (Removal of Names of Companies from the Registrar of Companies) Second Amendment Rules, 2023 amending the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016.
The key amendments brought about by Second Amendment Rules are as follows:
- A company shall now not file an application to the registrar for removing the name of the company from the register of the companies unless it has filed its overdue financial statements under section 137 of the Companies Act, 2013 (“Act”) and overdue annual returns under section 92 of the Act up to the end of the financial year in which the company ceased to carry its business operations.
- If a company intends to file an application to the registrar for removing the name of the company from the register of companies after the action for the same has been already initiated by the Registrar under section 248(1) of the Act, then the company shall be required file all such pending financial statements and annual returns before filing such application.
- A company shall not be allowed to file an application for removal of its name from the register of companies once the Registrar, pursuant to the action initiated under section 248(1) of the Act, has issued a notice of strike off for publication in the Official Gazette.
The Amendment Notification can be accessed here
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