Definitions under Easy Exit Scheme outline eligibility for defunct and vanishing companies and scope for NBFCs. Defines operative terms for the Easy Exit Scheme, 2010, identifying a "Company" as one registered under the Companies Act, 1956 and adopting statutory ... Summary
Definitions under Easy Exit Scheme outline eligibility for defunct and vanishing companies and scope for NBFCs.
Defines operative terms for the Easy Exit Scheme, 2010, identifying a "Company" as one registered under the Companies Act, 1956 and adopting statutory definitions for Collective Investment Management Company and Non-Banking Financial Company. The Scheme designates a "Defunct company" as one not carrying on business after the reference date and including companies that have not raised prescribed paid-up capital, and a "Vanishing company" as a listed entity failing consecutive filings, lacking a maintained registered office and with untraceable directors, thereby establishing eligibility and compliance triggers for the Scheme.
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