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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Simplified Exit Scheme 2005: Remove Defunct Companies Easily from Register u/s 560 of Companies Act 1956.</h1> The Ministry of Company Affairs has introduced the Simplified Exit Scheme, 2005, effective from February 1 to July 31, 2005, to facilitate the removal of defunct companies from the Register of Companies under section 560 of the Companies Act, 1956. Eligible companies include those that never commenced business or ceased operations, excluding section 25 companies. Non-Banking Financial Companies and Collective Investment Management Companies must obtain clearance from RBI or SEBI. Applications require affidavits, indemnity bonds, and financial statements. Companies with pending non-compoundable offences cannot apply. A fee of Rs. 3000 is required, and successful applicants are deemed struck off upon ROC notification.
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