Over 3k companies to be dissolved over unpaid annual fees

  • Opportunity given to pay fees and fines

K. Male' | Rushdha Rasheed | 02-March-2017 | Thursday 22:58 | rushdhar | Business | 1,039

Economic Minister Saeed -- Photo by: Azmoon Ahmed

Economic Ministry says that several thousand companies are to be dissolved for unpaid annual fees as mandated by clause 7 (c) of the Companies Act.

Ministry said that 6349 companies will be sent for dissolution to the Court.

Economic Ministry had published a list of the companies with overdue payments as at 28th of February. Private companies have to pay MVR 2,000, while State owned corporations have to pay MVR 10,000 as annual fees.

The Ministry had opened opportunity for companies to pay the fees and fine and submit the payment receipt on or before April 2, 2017.

Companies Act stipulates that the Registrar of Companies is tasked with the duty of dissolving companies in the event they fail to pay the annual fees.


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