: (1) Notwithstanding anything else written in this Act, a company that has not conducted business or is not in operation at the time of commencement of this section, has not submitted details in accordance with section 80 or has not paid the penalty imposed in accordance with section 81, this section shall commence. If he wants to cancel the registration within two years from the date, he can make a decision in the general meeting of such company and submit an application to the office in the prescribed format.
(2) With the application as per sub-section (1) along with the details as per section 80, the penalty amount to be levied as per section 81 or zero decimal five percent of the company's paid-up capital, whichever is less, shall be submitted.
(3) If an application is received according to sub-section (1), the office may cancel the registration of such company after completing the procedure according to section 136.
(4) If the company is liquidated in accordance with this section, the provisions regarding the liability of such company shall be as per section 136.