CAC To Delist Dormant Companies In 90 Days

• The Corporate Affairs Commission (CAC) granted dormant companies a 90-day grace period to submit outstanding annual returns or face delisting
• The notice affects companies that have failed to file annual returns for 10 years, by Section 692 (3) (4) of the Companies and Allied Matters Act No 3 of 2020

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 face potential delisting from its registry.

The commission noted in a statement that these companies have failed to file annual returns for ten years. The statement, titled “NOTICE OF INTENTION TO STRIKE OFF COMPANIES FROM THE REGISTER,” emphasized that this regulatory action is in accordance with Section 692 (3) (4) of the Companies and Allied Matters Act No 3 of 2020.

The statement read: “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.”