Easy exit of a defunct company
The Proposed Act, under the very heading of ‘Easy Exit of Defunct Company law’, provides a simple and straightforward solution for companies that have gone defunct. All that a company has to do is to apply, in the prescribed form, to the Registrar requesting its dissolution. The Registrar will publish a notice in the official Gazette and 90 days later, he will dissolve that company by striking off its name from the register of companies. This process is much simpler and quicker than the current process, which can be quite lengthy and complicated.