Ministry of Corporate Affairs issues notification on 10th May, 2023 to amend the Company Rules, 2016. The amendment provides that:
- Company shall not file an application for removal of names unless it has filed overdue financial statements and overdue annual returns.
- If the company intends to file application after the Registrar initiated action, it shall file all financial statements and all annual returns before filing application.
- Once the Registrar initiated action, the company shall not file application.