The Corporate Affairs Commission (CAC) has removed the names of companies that failed to file their annual reports for 10 years or more from its register. The commission had issued a notice to these companies warning them of the action to be taken if they didn’t comply. A 90-day period was given to file the required reports and send an activation email. Companies that complied had their names removed from the list. The commission used its powers under Section 692 (4) of the Companies and Allied Matters Act to strike off the names of companies that refused to update their reports. The affected companies were deemed to have been dissolved from the date of publication, making it illegal for them to enter into any transactions or deals. As a result, 80,429 companies were removed from the register, including 80,423 inactive and 5 active companies that failed to update their reports. The list of dissolved companies is available on the CAC’s website.
Source: https://dailytrust.com/cac-delists-dunlop-mitsubishi-other-dormant-coys/