Cabinet approval has been granted to introduce a Special Provisions Act to re-register companies incorporated or registered under the Companies Act No. 07 of 2007 to identify active companies.
The procedures, operations and other requirements related to companies operating in Sri Lanka are specified under the Companies Act No. 07 of 2007.
As of March 2024, the number of companies incorporated or registered under the said Act is approximately 199,484. However, there is no provision in the existing Act to identify the number of active companies among the registered companies.
As it has been observed that there is no provision in the existing Act to identify the number of active companies, it has been proposed that a new law be enacted for this purpose.
Thereby, the Cabinet approved the proposal presented by the Minister of Industries to introduce a law to facilitate the re-registration of companies incorporated or registered under the Companies Act and to instruct the legal draftsman to prepare a bill based on the concept paper of the proposed new law. (Newswire)