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Consider the following statements regarding is C-PACE (Centre for Processing Accelerated Corporate Exit):
- It was established by the Ministry of Finance to centralise the process of striking off companies from the Ministry’s Register.
- It will be in operation through the Registrar of Companies (RoC) for the purposes of exercising functional jurisdiction of processing and disposal of applications.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
Consider the following statements regarding is C-PACE (Centre for Proc...
Of Corporate Affairs.
C-PACE aims to streamline the process of company strike-offs and reduce the time taken for completion.
C-PACE is responsible for reviewing and approving applications for company strike-offs.
C-PACE works closely with relevant government departments and agencies to ensure a smooth and efficient strike-off process.
C-PACE provides guidance and support to companies throughout the strike-off process.
These statements are all true. C-PACE (Centre for Processing Accelerated Corporate Exit) was indeed established by the Ministry of Finance to centralize the process of striking off companies from the Ministry of Corporate Affairs. Its main goal is to streamline the process of company strike-offs and reduce the time taken for completion. C-PACE is responsible for reviewing and approving applications for company strike-offs and also works closely with relevant government departments and agencies to ensure a smooth and efficient strike-off process. Additionally, C-PACE provides guidance and support to companies throughout the strike-off process.
C-PACE aims to streamline the process of company strike-offs and reduce the time taken for completion.
C-PACE is responsible for reviewing and approving applications for company strike-offs.
C-PACE works closely with relevant government departments and agencies to ensure a smooth and efficient strike-off process.
C-PACE provides guidance and support to companies throughout the strike-off process.
These statements are all true. C-PACE (Centre for Processing Accelerated Corporate Exit) was indeed established by the Ministry of Finance to centralize the process of striking off companies from the Ministry of Corporate Affairs. Its main goal is to streamline the process of company strike-offs and reduce the time taken for completion. C-PACE is responsible for reviewing and approving applications for company strike-offs and also works closely with relevant government departments and agencies to ensure a smooth and efficient strike-off process. Additionally, C-PACE provides guidance and support to companies throughout the strike-off process.
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Community Answer
Consider the following statements regarding is C-PACE (Centre for Proc...
The Ministry of Corporate Affairs (MCA) recently established C-PACE, or Centre for Processing Accelerated Corporate Exit, to bring efficiency into the strike off process of companies.
About C-PACE (Centre for Processing Accelerated Corporate Exit):
- C-PACE has been set up to centralise the process of striking off companies from the MCA Register.
- Location: It is located at the Indian Institute of Corporate Affairs in Gurgaon.
- C-PACE will be in operation through the Registrar of Companies (RoC) for the purposes of exercising functional jurisdiction of processing and disposal of applications.
- It will work under the supervision of the Director General of Corporate Affairs (DGCoA).
- C-PACE will reduce the burden on the registry and provide stakeholders with hassle-free filing, timely and process-bound striking off of their company’s names from the register.
- It is part of MCA’s efforts towards ease of doing business and ease of exit for companies.
- New Rules:
- As per new rules issued by the MCA, applications for removal of the name of a company under Section 248 of the Companies Act would be made to the registrar, C-PACE.
- It is expected that the process of voluntary winding up of companies will now be completed in six months as against the earlier timeline of two years.
- Section 248 of the Companies Act:
- It provides for the removal of the name of the company from the RoC if it is not carrying on any business or operation for a period of two immediately preceding financial years and has not made any application within the said period for obtaining the status of a dormant company under Section 455.
Hence only statement 2 is correct.
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Consider the following statements regarding is C-PACE (Centre for Processing Accelerated Corporate Exit): It was established by the Ministry of Finance to centralise the process of striking off companies from the Ministry’s Register. It will be in operation through the Registrar of Companies (RoC) for the purposes of exercising functional jurisdiction of processing and disposal of applications.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?
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Consider the following statements regarding is C-PACE (Centre for Processing Accelerated Corporate Exit): It was established by the Ministry of Finance to centralise the process of striking off companies from the Ministry’s Register. It will be in operation through the Registrar of Companies (RoC) for the purposes of exercising functional jurisdiction of processing and disposal of applications.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding is C-PACE (Centre for Processing Accelerated Corporate Exit): It was established by the Ministry of Finance to centralise the process of striking off companies from the Ministry’s Register. It will be in operation through the Registrar of Companies (RoC) for the purposes of exercising functional jurisdiction of processing and disposal of applications.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding is C-PACE (Centre for Processing Accelerated Corporate Exit): It was established by the Ministry of Finance to centralise the process of striking off companies from the Ministry’s Register. It will be in operation through the Registrar of Companies (RoC) for the purposes of exercising functional jurisdiction of processing and disposal of applications.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?.
Consider the following statements regarding is C-PACE (Centre for Processing Accelerated Corporate Exit): It was established by the Ministry of Finance to centralise the process of striking off companies from the Ministry’s Register. It will be in operation through the Registrar of Companies (RoC) for the purposes of exercising functional jurisdiction of processing and disposal of applications.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding is C-PACE (Centre for Processing Accelerated Corporate Exit): It was established by the Ministry of Finance to centralise the process of striking off companies from the Ministry’s Register. It will be in operation through the Registrar of Companies (RoC) for the purposes of exercising functional jurisdiction of processing and disposal of applications.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding is C-PACE (Centre for Processing Accelerated Corporate Exit): It was established by the Ministry of Finance to centralise the process of striking off companies from the Ministry’s Register. It will be in operation through the Registrar of Companies (RoC) for the purposes of exercising functional jurisdiction of processing and disposal of applications.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?.
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