30.07.2010 (UNI) The Ministry of Corporate Affairs said that the government has introduced an Easy Exit Scheme-2010 to enumerate or identify such registered companies which are inactive, dormant and have been in such mode for at least last ten years.

The Ministry said that many promoters want to de-register these inactive companies to save themselves from perennial troubles.

‘In order to give an opportunity to the defunct companies, for getting their names struck off from the Register of Companies, the Ministry of Corporate Affairs has decided to introduce a Scheme namely, Easy Exit Scheme, 2010 under Section 560 of the Companies Act, 1956.’ an official statement said.

However, the Scheme does not inter-alia cover the listed companies, section 25 companies, vanishing companies, companies under inspection/investigation, companies against which prosecution for a non-compoundable offence is pending in court, companies having outstanding public deposits or secured loan or dues towards banks and financial institutions or any other Government Departments or having management dispute or company in respect of which filing of documents have been stayed by court or CLB or Central Government or any other competent authority.

‘Any defunct company desirous of getting its name struck off the Register under Section 560 of the Companies Act, 1956 shall make an application without fee in the Form EES, 2010 electronically on the Ministry of Corporate Affairs portal namely www.mca.gov.in along with affidavit, Indemnity Bond and a Statement of Account duly certified by the statutory auditor or a Chartered Accountant in whole time practice,’ the statement added.

The schemes will be in operation from May 30 to August 31.

Availing the benefit of the Schemes will prevent companies from prosecution and other legal action. UNI