New Exit Norms to Aid Failed Startups

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Winding up of inoperative startups is no more a tedious process, simpler provisions are made to help entrepreneurs to quickly go through the process of winding up.

The Registrar of Companies (RoC) can strike off a company from the register if it has failed to commence business operations within a year of incorporation, or it has not been carrying on business for two years and has not applied for being treated as a dormant company. A company can also on these grounds approach the RoC for removal of its name after having clearing its liabilities and obtaining consent of at least 75% of its shareholders. Read more

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Sweekar S

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