New Delhi. The Government has set up the Expedited Corporate Exit Processing Center (C-PACE). This will help in centralizing the liquidation process of companies, rationalizing the registry and making more meaningful data available to the stakeholders. Apart from this, it will also help in reducing the unnecessary burden on the registry.
In a statement issued on Saturday, the Ministry of Corporate Affairs (MCA) said that it has set up Expedited Corporate Exit Processing Centers (C-PACE). This will ensure deregistration of companies on record time and under due process. Along with this, more meaningful data can also be made available to the concerned people.
C-Pace, set up under the Ministry of Corporate Affairs, will facilitate stakeholders for hassle-free filing, removal of their company names from the Register in a timely and process-oriented manner. Apart from this, it will also help in reducing the unnecessary burden on the registry. The center is located at the Indian Institute of Corporate Affairs (IICA), Manesar, and will function under the Directorate General of Corporate Affairs (DGCOA), Delhi.
As per the MCA, the C-PACE entity established under sub-section (1) of Article 396 shall be administered through the Registrar of Companies (ROC) for the purposes of exercising functional jurisdiction of processing and disposal of applications. The C-PACE office was inaugurated on May 1 by MCA director R.K. Of. Dalmiya did. Harihar Sahu of ICLS has been appointed as the first Registrar of C-PACE office.
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