De-Registration of not-for-Profit Companies

The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Rajya Sabha that the Government has not proposed to relax existing norms for not-for-profit companies to allow them to de-register without having to follow cumbersome regulations as the Fast Track Exit Scheme introduced by the Ministry w.e.f. 03.07.2011 does not extend to companies under section 25 of the Companies Act, 1956 which are not for profit.

Also the Government has not received representations from various stake holders to develop a procedure to strike off names under Section 560 of the Companies Act, 1956 as this Ministry has already introduced a simplified scheme known as ˜Fast Track Exit Scheme™ w.e.f. 03.07.2011 for striking off the names of the companies u/s 560 of the Companies Act, 1956.

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