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Published On: Thu, Aug 14th, 2014

CAC to sanction companies going against CAMA

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Corporate-Affairs-Commission cacFrom Ahmed Kaigama, Bauchi

Corporate Affairs Commission office in Bauchi state has warned Companies and businesses that default the compliance of the provisions of the Companies and Allied Matters Act, (CAMA) just as they will soon face severe sanctions.

A statement issued by the state Director, Public Affairs, Churchill Williams and made available to newsmen in Bauchi, the Commission has set up a special an enforcement committee which has commenced a crack down on the operations of such companies.

According to the statement, the special enforcement committee had completed the first phase of the on-site examination exercise in the FCT and had visited various markets, shopping malls and held collaborative meetings with relevant organizations to sensitize the public on the post incorporation obligations of registered companies and the consequences of operating unregistered businesses.”

“A total of 474 companies were penalized for non compliance during the exercise in the FCT. The next phase of the enforcement will be carried out in the 36 states of the federation.”

“Under the provisions of the companies and allied matters act, every company, business names and incorporated Associations and NGO, are required to file annual returns every year which informs the commission of the status of a registered entity. Such defaulting companies face the risk of being struck off from the register of companies.”

It noted that under section 548 of CAMA , all companies are required to display their registered names and registration numbers at their various offices, adding that every banking or insurance company is required to prepare and display in a conspicuous manner their statement of affairs twice in a year.

The commission sad that companies that comply with the provision of CAMA, stands the benefit of enjoying unhindered treatment of their post registration filings with the commission whereas filings from defaulting companies are rejected out rightly until they update their records.

 

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