Indian Government Set Up Centre For Processing Accelerated Corporate Exit To Streamline Company Deregistration

The government announced to set up the Centre for Processing Accelerated Corporate Exit (C-PACE) on Saturday in order to facilitate the quick and procedure-bound deletion of businesses from public records and to provide stakeholders with more usable data. The centre was founded by the corporate affairs ministry.

"The establishment of the C-PACE will help to reduce the stress on the Registry along with keeping the registry clean besides availability of more meaningful data to the stakeholders. The C-PACE will also benefit the stakeholders by providing hassle-free filing, timely and process-bound striking off their company's names from the register," the ministry said in a release.

The ministry asserts that opening the hub is simply one of several measures taken to simplify how enterprises operate and dissolve.

The centre is located in Manesar, Haryana, within the Indian Institute of Corporate Affairs (IICA).