New Delhi: The removal of the name of the company from the Register of Companies is a continuous process and a total of 4,32,796 companies have been struck off during the last five years, said Union Minister of State for Corporate Affairs Rao Inderjit Singh in a written reply to a question in the Lok Sabha recently.

He said that Section 248 of the Companies Act, 2013 (the Act) provides for removal of name of company from the Register of companies, if it is not carrying on any business or operation for a period of two immediately preceding financial years and has not made any application within the said period for obtaining the status of a Dormant Company under Section 455 of the Act.

The Minister stated that there is no rule making power provided under section 59 ‘Voluntary liquidation for corporate persons’ in the Insolvency and Bankruptcy Code, 2016. A dormant company is covered under the provisions of section 455 of the Act, the Minister stated. /BI/