Black money: Govt heat on 120,000 firms
The government on Tuesday said it had set to strike out the names of 120,000 additional firms from the official records for numerous noncompliances as a part of its continued fight against the black cash menace.
Nearly 226,000 companies are deregistered and around 309,000 administrators related to these entities are disqualified.
Minister of State for Corporate Affairs PPChaudhary, who chaired the review meeting of the actions taken with respect to deregistered companies last week, has directed officers to expedite action against the businesses that are to be struck off the records.
Restoration of firms
These moves are a part of larger efforts to curb illicit fund flows.According to the discharge, 1,157 cases had been filed with the National Company Law court (NCLT) for the restoration of deregistered firms.
Of these cases, the NCLT had given orders for considering restoration of 180 firms, of that 128 companies are restored by the registrars of corporations involved after completion of the requisite compliance formalities.
With regard to 992 complaints relating disqualification of administrators that are unfinished with numerous high courts, the ministry said around 190 cases have been disposed of.