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CAC To Delist Companies Dormant For 10 Years

Posted by Thandiubani on Thu 25th Jul, 2024 - tori.ng

In a statement on Wednesday, the Commission said the full list of the dormant companies was available on its website.

The Corporate Affairs Commission (CAC) has issued a warning to companies.

CAC warned that it will delist companies that have not filed their annual reports in a decade.

In a statement on Wednesday, the Commission said the full list of the dormant companies was 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 gave the companies 90 days from the date of the statement to file all outstanding annual returns so as to 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.”