Over 7,700 cos voluntarily exited biz since setting up C-PACE: Govt
More than 7,700 companies have voluntarily closed down their business in the country since the setting up of the Centre for Processing Accelerated Corporate Exit (C-PACE) in May this year, and the time taken for voluntary exit has come down to around 110 days, according to the government.
The corporate affairs ministry operationalised the C-PACE on May 1, 2023, to facilitate and expedite the applications filed for voluntary exit under the provisions of Section 248 (2) of the Companies Act, 2013.
The applications for voluntary closure under C-PACE are processed in a centralised manner for an efficient and uniform outcome, Minister of State for Corporate Affairs Rao Inderjit Singh said on Monday.
"Since the setting up of C-PACE, 7,721 companies have been struck o...