Para 9 - Eligible Companies - Simplified Exit Scheme, 2005

Eligible Companies 09. The purpose of the scheme is to allow eligible companies to avail of this opportunity to exit from the Register of Companies after fulfilling the requirements laid down in this Circular. No penal action would be initiated against eligible companies availing this scheme from the date of filing of the application for simplified exit. After the scheme ends, the Ministry would take necessary penal action under the Companies Act, 1956 against such defunct companies which have not availed of this opportunity and have not complied with the provisions of the Companies Act, 1956 or are not filing documents with ROCs in a timely manner.