Ministry for Corporate Affairs Introduces C-PACE

 The Ministry of Corporate Affairs (MCA) has established the Centre for Processing Accelerated Corporate Exit (C-PACE) to streamline the process of removing companies from the MCA Register. The purpose of C-PACE is to reduce the burden on the registry and provide a convenient process for stakeholders to remove their company’s name from the register.

• This initiative is part of MCA’s effort to make doing business and exiting easier for companies.
• C-PACE will operate under the Registrar of Companies (RoC) and will handle applications for processing and disposal.
• The office of C-PACE was inaugurated on May 1, 2023, by R.K. Dalmia, the director of inspection and investigation at MCA.
• Harihara Sahoo, ICLS, has been appointed as the first registrar of C-PACE, which will be supervised by the Director General of Corporate Affairs (DGCoA), New Delhi.
• The establishment of C-PACE will help maintain a clean registry and provide stakeholders with more valuable information.
• With the introduction of C-PACE, companies can expect a smoother exit process without any hassles.