Home Random CAC set to delist 94,581 firms from database

CAC set to delist 94,581 firms from database

0
CAC set to delist 94,581 firms from database


The Corporate Affairs Commission (CAC) said it has commenced the process of striking off companies that did not comply with the provisions of the Companies and Allied Matters Act 2020 from its register in accordance with the requirements of the account.

A statement by the commission published on its verified Twitter page on Monday said the names of the companies to be struck off have been published on the commission’s website.

About 94,581 firms are being prepared for striking off, according to a public notice on the list of affected companies published on its website on Monday.

According to the commission, companies and the general public are advised to check the website for the list of the affected companies.

“The affected companies should note that any company that fails to comply with the provisions of the Act by taking steps to file its annual returns up to date within 90 days of publication on the commission’s website shall be struck off the register,” it said.


Once struck off, a company will be legally prohibited from carrying on business unless it obtains a formal restoration order from the federal high court.


READ ALSO: CAMA 2020: How court judgment whittles down CACs power over charity, religious organisations


“The general public is advised that it shall be unlawful for any company struck off the register to carry on business unless it is first restored to the register by an order of the Federal High Court.

“This notice is pursuant to Section 692 (3) and (4) of the Companies and Allied Matters Act 2020,” the commission said.

TEXEM Advert


Support PREMIUM TIMES’ journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate





TEXT AD: Call Willie – +2348098788999






PT Mag Campaign AD



LEAVE A REPLY

Please enter your comment!
Please enter your name here