New Delhi: The Ministry of Corporate Affairs (MCA) has set up the Center for Processing Accelerated Corporate Exits (C-PACE) to centralize the process of striking off companies from the MCA register.
According to the ministry, C-PACE will reduce the burden on the registry and facilitate stakeholders for hassle-free filing, removal of their company names from the register in a timely and process-oriented manner. The setting up of C-PACE is part of MCA’s efforts towards ease of doing business and ease of exit for companies.
The C-PACE entity established under sub-section (1) of section 396 shall operate through the Registrar of Companies (ROC) for the purpose of processing and disposal of applications.
RK Dalmiya, Director, Inspection and Investigation, MCA, inaugurated the office of C-PACE on 1st May, 2023. Harihar Sahoo, ICLS has been appointed as the first Registrar of the office of C-PACE, which will function under his supervision. Director General of Corporate Affairs (DGCOA), New Delhi.
C-PACE will help in keeping the registry clean and provide more meaningful data to the stakeholders. With the setting up of C-PACE, companies can look forward to a hassle free exit process.
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