The Corporate Affairs Commission (CAC) has announced that it will delist companies that have failed to file their annual reports for a decade.
In a statement on Wednesday, the Commission revealed that the complete list of these dormant companies is 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 has given the companies 90 days from the date of the statement to file all outstanding annual returns in order to have their names removed 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.”