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<h1>Simplified Exit Scheme enables administrative striking off of defunct companies after affidavit, audited accounts and indemnity.</h1> Introduction of a Simplified Exit Scheme (SES) under Section 560 to permit administrative striking off of defunct companies upon prescribed application, fee, audited accounts showing no assets or liabilities, an affidavit by at least two directors affirming non operation, and a notarized indemnity bond by at least two directors to meet any future liabilities; the Registrar must publish applicants in local and national dailies, circulate lists to the Department and banking association, and strike off names where no objections are received within the specified notice periods, with related reporting and limited withdrawal of certain prosecutions.
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