THE Corporate Affairs Commission (CAC) has revealed plans to delist corporations who have not filed their annual reports in 10 years.
The Commission stated in a statement issued yesterday that the whole list of dormant entities is available on its website.
“This is to inform the general public that the commission pursuant to its powers contained in Section 692 (3) (4) of the Companies and Allied Matters Act No. 3 of 2020, intends to strike off from the Register, names of defunct or dormant companies that have not filed Annual Returns for a period of 10 years,” the statement partly read.
The Commission granted the corporations 90 days from the date of the statement to file all outstanding annual returns and remove their names from the list.
“It is to be noted that it is illegal to carry on business with the name of a company that has been delisted from the register as such company is deemed to be dissolved.”