Abstract
Under Section 560 of the Companies Act, 1956 (Act) the Registrar of Companies (ROC) is vested with the power to strike off the name of the defunct companies after following the proper procedure provided in the section itself. Endowed with this power the Ministry of Corporate Affairs has been issuing several schemes, at regular intervals of 2-3 years, such as Simplified Exit Scheme, 2005, Easy Exit Scheme, 2010 and Easy Exit Scheme, 2011, for providing an option for the defunct to get there name struck off from the Register of Companies in a simplified manner and not going in the complex procedure of liquidation.
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