The Corporate Affairs Commission has issued a notice to 100,001 dormant companies, giving them a 90-day grace period to submit all outstanding annual returns or face potential delisting from its registry.
According to a statement released on Wednesday and published on the CAC’s website, these companies have failed to file annual returns for a period of 10 years. The statement, titled “NOTICE OF INTENTION TO STRIKE OFF COMPANIES FROM THE REGISTER,” outlines the regulatory action being taken in accordance with Section 692 (3) (4) of the Companies and Allied Matters Act No. 3 of 2020.
Section 692 of CAMA empowers the CAC to strike off the names of defunct companies from its register due to prolonged non-compliance with filing obligations.
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