The 2016 budget has raised the renewal fees and also introduced a Rs. 60,000 annual charge.

It also says companies wanting to get registrations cancelled will have to pay a Rs. 250,000 fee if they do so after January 01.

Company owners thronging Samagam Medura say the budget proposals have dealt many a blow to small and medium businesses.

It is an attempt to close small companies and to pave the way for major ones, charged one company owner.

When contacted, an official of the Department of Registration of Companies said many were visiting them to get their registrations cancelled.

Since a large number of applications are being received, there will be a delay in the cancellations, he said.