Govt to Strike Off Names of 1.20 Lakh more Shell Companies

Corporate Tax - ICAI

Names of 1.20 Lakh more Shell Companies are soon to be de-registered due to non-compliances, the Government said on Tuesday.

It was said that as part of fighting against the black money menace, the Nearly 2.26 lakh companies have already been deregistered and around 3.09 lakh directors associated with these entities have been disqualified.

The latest decision to strike off more 1.20 lakh companies from official records came after a review meeting of the actions taken with respect to deregistered firms last week.

The Review meeting, chaired by Minister of state for Corporate Affairs P P Chaudhary, has directed officials to expedite action against the companies that are to be struck off the records.

For various non-compliances, around 1,20,000 more companies have been identified for striking-off, the corporate affairs ministry said in a release.

According to the release, 1,157 cases had been filed with the National Company Law Tribunal (NCLT) for restoration of deregistered companies.

“Out of these cases, NCLT had given orders for considering restoration of 180 companies, of which 128 companies have already been restored by the concerned Registrars of Companies (ROCs) after completion of the requisite compliance formalities,” it said.

With respect to 992 court cases pertaining to disqualification of directors that are pending with various high courts, the ministry said around 190 cases have been disposed of.

Besides, the minister has asked for handling cases under the Condonation of Delay Scheme on a priority basis in order to ensure that eligible companies can avail the benefit.