More than 2.25 lakh companies may be struck off
Continuing its drive against shell companies, the government-appointed task force has identified nearly 2.25 lakh shell firms which will be removed from the register of companies in the current financial year.
The Ministry of Corporate Affairs (MCA) has already struck off over 2.26 lakh companies for non- filing of financial statements or annual returns for a continuous period of 2 years or more.
Also, over 3.09 lakh directors were disqualified for not filing financial statements or annual returns for preceding 3 years (2013-14, 2014-15 and 2015-16). "For the second drive to be launched during 2018-19), 2,25,910 companies have been further identified for being struck off under section 248 of the Companies Act, 2013...for non-filing of financial statements for 2015-16 and 2016-17," a finance ministry statement said.
Also, 7,191 Limited Liability Partnerships (LLPs) have been identified for action under section 75 of the LLP Act, 2008 due to non-filing of financial statements for the stated years, it said.
These companies and LLPs will be given an opportunity of being heard by way of notices regarding their default and the proposed action.
To check tax evasion and prevent money laundering especially in the wake of demonetisation, the government had constituted a task force last year under the chairmanship of the then revenue secretary and the present finance secretary Hasmukh Adhia and the corporate affairs secretary.
The task force has compiled a database of shell companies by the Serious Fraud Investigation Office (SFIO).
"The significant achievements of the Task Force include the compilation of a database of shell companies by SFIO. This database, as on date, comprises three lists -the Confirmed List, Derived List and Suspect List", the finance ministry said in a statement.
The Confirmed List has a total of 16,537 confirmed shell companies on the basis of the information received from the various law enforcement agencies of the companies found to be involved in illegal activities.
The Ministry of Corporate Affairs (MCA) has already struck off over 2.26 lakh companies for non- filing of financial statements for a continuous period of 2 years or more.
The Derived List has 16,739 companies identified on the basis of 100 per cent common directorships with the confirmed shell companies.
The Suspect List has 80,670 shell companies and has been drawn up by SFIO using certain red flag indicators by the task force.
The task force has directed all member of law enforcement agencies to send to Institute of Chartered Accountants of India, the details of action taken against Chartered Accountants by them, the statement said.
These companies and LLPs will be given an opportunity of being heard by way of notices regarding their default and the proposed action. "Appropriate action will be taken after considering their response," the statement said.
Disclaimer : PunjabToday.in and other platforms of the Punjab Today group strive to include views and opinions from across the entire spectrum, but by no means do we agree with everything we publish. Our efforts and editorial choices consistently underscore our authors' right to the freedom of speech. However, it should be clear to all readers that individual authors are responsible for the information, ideas or opinions in their articles, and very often, these do not reflect the views of PunjabToday.in or other platforms of the group. Punjab Today does not assume any responsibility or liability for the views of authors whose work appears here.
Most shared Punjab Today articles:
SARKAR IN MANALI: From Shahkot to Mohali Court, Sara Alam Bigrra Jaye
SIKHS & FEMINISTS – We hailed Harjit Sajjan; they didn’t hail Gina Haspel
AFTER BEING RAPED, I WAS WOUNDED; MY HONOUR WAS NOT
The Comrade In Punjab - Lost, Irrelevant, Asleep, Even Bored!
WE MISSED A REVOLUTION, BUT CAN IT STILL BE A GAME CHANGER?
A POLITICIAN SPEAKS – YOU SHOULD HEAR
ENCOUNTER, JULOOS & SELFIES
SOWING ANGER - NO QUICK FIX - Democracy is an Empty Ritual in Punjab
OUT-OF-BOX SOLUTION TO STOP FARMERS' SUICIDES
WATERS ROYALTY - The Loot that Rajasthan Committed
'THORRI BAHUTI EHNA NU SHARAM AUNI CHAHEEDI HAI'
ASSEMBLY COMMITTEE ON SUICIDE-HIT BATS FOR AARHTIYAS
RANGROOT OFFERS A PEEK INTO PUNJAB'S TRAGEDY
WHAT MAKE NEWS IN INDIA, AND WHAT DOES NOT?
HITLER, MODI & GANDHI: ON THE SAME PAGE?
PUNJAB IS STILL VERY FAR FROM INDIA
APOLOGY – AKALIS BIG LOSER, CONG TOO
AMARINDER GOVT's LOVE FOR FARMERS, AND MY DAD's FOR HIS SCOOTER
SUPER EFFICIENCY ONBOARD CM’S CHOPPER
OF SUNNY KID & HORSE SENSE: The Punjab-Punjab Ties: The Coordinated Silence of Amarinder Singh & Badals
PM MODI VINDICATES PUNJAB TODAY REPORTAGE
NEW DELHI V/S OTTAWA — WILL QUEBEC DEFEAT INDIA?
A SAFFRON JOURNEY VIA CANADA - Trudeau came to Punjab, pushed Amarinder closer to BJP, then called him a liar
JASPAL ATWAL CONTROVERSY: Mr. Ujjal, will you throw some light on this too?
TRUDEAU VISIT AND RIGHT-WING MEDIA MACHINE
J&K – RAM MADHAV LEAVES SPACE FOR MEHBOOBA’S POLITICS
SHEKHAR GUPTA'S HALF-BAKED TRUTHS
OF NIRMAL SINGH'S EYES - Karze Ne Layee Ikk Hor Kisan Di Jaan...
PNB Scam: Who is Nirav Choksi and what he is doing In the name of God?
Congress upset due to Priyanka’s cleavage on calendar
RENUKA'S LAUGHTER: Thank you for your guffaws. We needed this non-violent weapon.
MR CLEAN to PAKKE DHEETH: How Punjab’s Congress hurt Brand Rahul Gandhi?
MANJIT SINGH CALCUTTA– THE DISSENTER
PUNJAB FARMERS AND IPL CRICKETERS - Finally, they can stand like equals
Mr. CHIEF MINISTER, PLEASE CALL OFF JANUARY 7 FUNCTION. My teacher is not alive, but you please call it off!
SUKHBIR IS RIGHT – On 97th anniversary – Panth Khatre Vich Hai. Where does this threat come from?
THE FINAL HONESTY CERTIFICATE: ISSUED BY THE TRIBUNE
NO TIME TO READ THIS STORY? – That’s OK - Please do not feel guilty
BAD, BAD WOMAN! – Punjab’s top playwright slams woman complainant against Langah
MR PRESIDENT, PLEASE TAKE BACK HIS GALLANTRY MEDAL – On Amod Kanth’s badge of shame
RELAX! ALL 30 WERE DERA PREMIS – Panchkula says something stinking about its conscience
PUNJAB: AN IDEA IN SEARCH OF WORDS: Punjab, more than a poster boy of progress or a renegade from modernity
Punjab Today believes in serious, engaging, narrative journalism at a time when mainstream media houses seem to have given up on long-form writing and news television has blurred or altogether erased the lines between news and slapstick entertainment. We at Punjab Today believe that readers such as yourself appreciate cerebral journalism, and would like you to hold us against the best international industry standards. Brickbats are welcome even more than bouquets, though an occasional pat on the back is always encouraging. Good journalism can be a lifeline in these uncertain times worldwide. You can support us in myriad ways. To begin with, by spreading word about us and forwarding this reportage. Stay engaged.