The Corporate Affairs Commission (CAC) has extended the four-month deadline for delisting companies without annual returns. The initial deadline was fixed till January 1, 2024, but extended to April 1, 2024, to give the firms an additional four-month window for companies to submit their annual returns to the Commission.
CAC earlier gave their warnings some weeks back, highlighting that 94,581 will face removal from its register for failing to file annual returns by July 2023. In November, CAC said that the number of defaulting companies had reduced to 91,843.
However, the recent deadline extension is coming after the Company Registration Portal (CRP) experienced some technical difficulties. This was announced in a statement issued by the agency on Thursday, December 28.
The commission also added that the postponement responds to appeals from the Micro, Small, and Medium Enterprise (MSME) sector.
The statement said that all entities registered under the Companies and Allied Matters Act, including Limited Liability Partnerships, Limited Partnerships, Business Names, and Incorporated Trustees, are encouraged to use this extended period to comply with filing their annual returns.
The Statement Reads,
- Further to its earlier notice published on Thursday, November 2, 2023, informing the General Public that it shall commence the full application of the penalties prescribed by the Companies and Allied Matters Act 2020 and the Companies Regulations 2021, ‘against Companies and each of their Directors or Officers for failure to file annual returns, the Commission hereby extends the commencement date from 1 January 2024 to 1 April 2024.”
- This extension has become necessary because of the glitches presently experienced on the Company Registration Portal (CRP) and in deference to appeals from the Micro, ‘Small and Medium Enterprise (MSME) sectors.
- All entities registered under the Companies and Allied Matters Act (Companies, Limited Liability Partnerships, Limited Partnerships, Business Names, and Incorporated Trustees) are encouraged to take advantage of the window provided by this extension to file their annual returns to date with the Commission.
- The General Public should note that this publication/extension of time does not affect the striking-off proceedings commenced by the Commission before the publication of Thursday, November 2, 2023.