The Ministry of Corporate Affairs (MCA) has moved a step forward by centralising the strike-off process of companies with the establishment of the Centre for Processing Accelerated Corporate Exit (C-PACE). The establishment of the Centre for Processing Accelerated Corporate Exit will help to reduce the stress on the Registry along with keeping the registry clean besides the availability of more meaningful data to the stakeholders. The C-PACE will also benefit the stakeholders by providing a hassle-free filing, timely and process-bound striking off their company’s names from the Register. The setting up of the C-PACE is part of the several measures taken by MCA in the recent past towards Ease of Doing Business and ease of exit for the Companies.
The Centre for Processing Accelerated Corporate Exit institution, established under sub-section (1) of section 396, shall be in operation through the Registrar of Companies (RoC) for the purposes of exercising functional jurisdiction over the processing and disposal of applications.
The Office of C-PACE was inaugurated on 1st May 2023 by Shri R.K. Dalmia, Director, Inspection & Investigation, MCA. Shri Harihara Sahoo, ICLS, has been appointed as the first Registrar of the office of C-PACE. The C-PACE office will work under the supervision/administration of the Director General of Corporate Affairs. (DGCoA), New Delhi.
ABOUT C-PACE
Centre for Processing Accelerated Corporate Exit was established vide MCA Notification No. S.O. 1269(E) dated 17th March 2023 which shall be situated at Indian Institute of Corporate Affairs (IICA), 7th Floor, Plot No. 6,7,8, Sector 5, IMT Manesar, District Gurgaon (Haryana), Pin Code – 122050
Subsequently, vide notification No.G.S.R. 298(E) dated 17th April 2023, Ministry amended the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2023 which has come into effect from 1st May 2023.
Disclaimer: This is an official press release by pib.