MCA launches C-PACE to simplify striking off of companies from register

The establishment of C-PACE is part of MCA’s efforts towards ease of doing business and ease of exit for companies

Livemint
Updated13 May 2023, 03:43 PM IST
MCA launches C-PACE to simplify striking off of companies from register (Photo: Bloomberg)
MCA launches C-PACE to simplify striking off of companies from register (Photo: Bloomberg)

NEW DELHI: The Ministry of Corporate Affairs (MCA) has set up the Centre for Processing Accelerated Corporate Exit (C-PACE) to centralise the process of striking off companies from the MCA Register.

According to the ministry, the C-PACE will reduce the burden on the registry and provide stakeholders with hassle-free filing, timely and process-bound striking off of their company’s names from the register. The establishment of C-PACE is part of MCA’s efforts towards ease of doing business and ease of exit for companies.

The C-PACE institution, established under sub-section (1) of section 396, will be operational through the Registrar of Companies (RoC) for the purpose of processing and disposal of applications.

R.K. Dalmia, director, inspection and investigation, MCA, inaugurated the Office of C-PACE on May 1, 2023. Harihara Sahoo, ICLS, has been appointed as the first registrar of the office of C-PACE, which will work under the supervision of the Director General of Corporate Affairs (DGCoA), New Delhi.

The C-PACE will help keep the registry clean and provide stakeholders with more meaningful data. With the establishment of the C-PACE, companies can look forward to a hassle-free exit process.

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First Published:13 May 2023, 03:43 PM IST
HomeNewsIndiaMCA launches C-PACE to simplify striking off of companies from register

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