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Which Ministry has set up the Centre for Processing Accelerated Corporate Exit (C-PACE)?
A)
NITI Aayog
B)
Ministry of Corporate Affairs
C)
Ministry of Commerce and Industry
D)
Ministry of External Affairs

Correct Answer :   Ministry of Corporate Affairs


* The Ministry of Corporate Affairs (MCA) has set up the Centre for Processing Accelerated Corporate Exit (C-PACE) to centralise the process of striking off companies from the MCA Register.

* According to the ministry, the C-PACE will reduce the burden on the registry and provide stakeholders with hassle-free filing, timely and process-bound striking off of their company’s names from the register. The establishment of C-PACE is part of MCA’s efforts towards ease of doing business and ease of exit for companies.

* The C-PACE institution, established under sub-section (1) of section 396, will be operational through the Registrar of Companies (RoC) for the purpose of processing and disposal of applications.

* R.K. Dalmia, director, inspection and investigation, MCA, inaugurated the Office of C-PACE on May 1, 2023. Harihara Sahoo, ICLS, has been appointed as the first registrar of the office of C-PACE, which will work under the supervision of the Director General of Corporate Affairs (DGCoA), New Delhi.

* The C-PACE will help keep the registry clean and provide stakeholders with more meaningful data. With the establishment of the C-PACE, companies can look forward to a hassle-free exit process...

Source : Mint

Published On : May 16, 2023
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