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Company strike off refers to the process by which a company is officially removed or struck off from the register of companies, ceasing to exist as a legal entity.<br>
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Amendments in Striking Off Provisions: Making Exit Difficult
Importance Of Striking Off Provisions • Simplicity and Clarity: Over time, legal documents or regulations may accumulate provisions that are outdated, redundant, or contradictory. • By striking off unnecessary or conflicting provisions, the document becomes simpler and easier to understand. • Flexibility and Adaptability: Striking off provisions allows legal frameworks to evolve and adapt to changing circumstances. • As societal, economic, or technological conditions change, certain provisions may become obsolete or hinder progress
Reasons For Making Exit Difficult • Combating Fraud: One of the primary reasons for making the striking off process more challenging is to combat fraudulent activities. • By imposing stricter measures, authorities aim to deter individuals or companies from engaging in fraudulent process more challenging is to protect stakeholders, including creditors, employees, and customers. • Protecting stakeholders: Making the process of company closure more stringent helps protect stakeholders, including creditors, employees, and customers.
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