Regulation 144 — Applicability of this chapter

(1) This chapter shall apply to defunct private and
public non-listed companies including associations not for profit licensed under section 42 of the
Companies Act, 2017, which are not carrying on business and a re not in operation and desirous to
strike their names off the register of companies in terms of section 426 of the Act but shall not apply
to the following companies—
(i) subsidiaries of listed companies;
(ii) foreign companies;
(iii) trade organizations licensed under the Trade Organization Act, 2013, (II of 2013);
(iv) companies which have liabilities outstanding in relation to any loan obtained from the
banks or financial institutions, taxes, utility charges, or any obligations towards
government departments or private parties;
(v) companies against which investigations, enquiries or inspections are either pending or
are in the process of initiation or any matter/prosecution is pending before the court or
any other competent authority/forum;
(vi) companies having dispute regarding management or shareholding;
(vii) companies found involved in illegalities or fraudulent activities;
(viii) housing and real estate development or real estate marketing companies; and

(ix) companies involved in soliciting public deposits and repayment thereof or delivery of
promised goods or services there against is yet not completed.
Explanation.—“defunct company” includes a company which, -
(i) has no known assets and liabilities; and
(ii) is not carrying on any business and is not in operation;