<h1>Over 1.6 lakh companies deemed defunct for not filing returns; Easy Exit Scheme aids in efficient closure.</h1> The Minister of State for Corporate Affairs informed the Lok Sabha that 1,62,144 companies are classified as defunct for not filing their Annual Returns and Balance Sheets for over three years. Under the Easy Exit Scheme, 2010, a total of 15,667 defunct private and limited companies were closed without any fee. Following this, the Ministry introduced the Easy Exit Scheme, 2011, effective from January 1 to April 30, 2011, and Guidelines for Fast Track Exit Mode from July 3, 2011, to facilitate the closure of companies efficiently.