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Simpler exit norms for defunct firms

Calcutta, April 21: Department of Company Affairs (DCA) expects around two lakh companies out of business to have their names taken off the Registrar of Companies’ (RoC’s) rolls under the new simplified exit scheme for defunct firms.

Addressing members of the Bengal National Chamber of Commerce and Industry (BNCCI), L. M. Gupta, regional director of DCA, said: “Of the six lakh companies in the country, we feel a third will opt for this scheme, which is aimed at lowering the burden of non-complying companies.”

The scheme mainly focuses on companies that have not been able to comply with the requirements of increasing their paid-up capital as required by the Companies Act (Amendment Act), 2000.

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