CAC to delist dormant companies in 90 days

The Corporate Affairs Commission (CAC) has issued a notice to dormant companies, granting them a 90-day grace period to submit all outstanding annual returns or risk being delisted from its registry.

According to a statement released by the commission, these companies have failed to file their annual returns for a period of 10 years. The CAC emphasized the importance of compliance with regulatory requirements to maintain active status in its registry.

The statement read; 

“NOTICE OF INTENTION TO STRIKE OFF COMPANIES FROM THE REGISTER”, highlighted that the regulatory action being taken was in accordance with Section 692 (3) (4) of the Companies and Allied Matters Act No. 3 of 2020.

“This is to inform the general public that the commission, under 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 10 years.

“These companies are given 90 days from the date of this publication to file all outstanding annual returns and send an email of this fact to the agency to remove their names from the list.”