Section 248 - Power of Registrar to remove name of company from register of companies

Striking off company names for non-operation: notice to directors, 30-day reply, Gazette dissolution; liabilities and assets still apply

Prescribes grounds and procedure for striking off a company's name from the register. Where the Registrar has reasonable cause to believe that the company has not commenced business within one year of incorporation, has not carried on business or operations for two immediately preceding financial years without applying for dormant status under section 455, has not received and reported subscribers' subscription within 180 days as required under section 10A, or is found non-operational on physical verification under section 12(9), notice must be issued to the company and all directors inviting representations within 30 days. A company (other than a section 8 company) may also apply for removal after extinguishing liabilities, subject to member approval and, where applicable, sectoral regulator approval. After publication of notices, the Registrar may strike off the name and, upon Gazette publication, the company stands dissolved, while liabilities of officers/members continue and assets remain available to meet obligations.