<h1>Fast Track Exit Mode simplifies removal of defunct companies from register under Companies Act, 1956, Section 560.</h1> The Ministry of Corporate Affairs introduced the Fast Track Exit Mode on July 3, 2011, allowing defunct companies to have their names struck off the register without undergoing winding up. This initiative, under Section 560 of the Companies Act, 1956, aims to streamline the exit process for such companies. Additionally, the Companies Bill 2013, recently passed by Parliament, includes a provision for dormant companies, permitting those with minimal financial activity to obtain dormant status. From 2010 to 2013, the number of defunct companies increased, with a growing number utilizing the Fast Track Exit Mode to dissolve.