CURRENT AFFAIRS

Detailed explanation-1: -As per the data provided by the corporate affairs ministry to Rajya Sabha on Tuesday, a total of 2, 38, 223 companies were struck off and 651 dissolved during the period from 2018 to June 2021 under Section 248 of the Companies Act, 2013.

Detailed explanation-2: -Grounds for Strike off The company hasn’t commenced its business within one year of its incorporation. The company hasn’t been pursuing any business or activity for the preceding two financial years, for which it hasn’t sought the status of Dormant Company under Section 455 of the Act.

Detailed explanation-3: -As of June 2022, over 784 thousand companies were defunct or struck off, while about 29 thousand were amalgamated or merged during the measured time period.

Detailed explanation-4: -A Company goes for strike off when the management no longer wishes to carry on the business further. Strike off simply means removing of the name of the company from the Registrar of Company. Section 248 of The Companies Act 2013 states about the provisions of Strike off of company.