Centre for Processing Accelerated Corporate Exit (C-PACE) Established at Indian Institute of Corporate Affairs (IICA)

Centre for Processing Accelerated Corporate Exit (C-PACE): It an institution created by Ministry of Company Affairs (MCA) for providing hassle-free filing, timely and process-bound striking off companies from MCA Register. Centre for Processing Accelerated Corporate Exit (C-PACE) is also important for UPSC Prelims 2023 and UPSC Mains Exam (GS Paper 2- Governance Initiative by the Union Government of India).

Centre for Processing Accelerated Corporate Exit (C-PACE) in News

With the creation of the Centre for Processing Accelerated Corporate Exit (C-PACE), the Ministry of Corporate Affairs (MCA) has taken a significant step towards centralizing the process of striking off companies.

Centre for Processing Accelerated Corporate Exit (C-PACE) Details

Centre for Processing Accelerated Corporate Exit (C-PACE) was established vide MCA Notification dated 17th March 2023. Subsequently, Ministry amended the companies (Removal of Names of Companies from the Register of Companies) Rules, 2023 which has come in effect from 1st May, 2023.

• C-PACE Office: On 1st May 2023, Shri R.K. Dalmia, Director of Inspection and Investigation at MCA, inaugurated the Office of C-PACE.
  • Shri Harihara Sahoo, ICLS, has been designated as the first Registrar of the C-PACE office.
• Headquarter: Centre for Processing Accelerated Corporate Exit (C-PACE) shall be situated at Indian Institute of Corporate Affairs (IICA), 7th Floor, Plot No. 6,7,8, Sector 5, IMT Manesar, District Gurgaon (Haryana).
• Mandate: The C-PACE institution shall be in operation through the Registrar of Companies (RoC) for the purposes of exercising functional jurisdiction of processing and disposal of applications.
• Parent Ministry: Centre for Processing Accelerated Corporate Exit (C-PACE) has been set up under overall guidance and supervision of Ministry of Corporate Affairs (MCA).

Importance of Creation of C-PACE

The creation of C-PACE will not only alleviate the burden on the Registry but also ensure its cleanliness, resulting in more significant data accessibility for stakeholders.

• By facilitating seamless filing and prompt and process-bound striking off of company names from the Register, C-PACE will also provide significant benefits to stakeholders.
• This establishment is one of several measures undertaken by the Ministry of Corporate Affairs (MCA) to promote Ease of Doing Business and ease the exit process for companies.

 

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