Over 2.25 lakh organisations may be struck off in FY19 for not filing annual returns, task force to check menace of shell companies
6 years, 9 months ago

Over 2.25 lakh organisations may be struck off in FY19 for not filing annual returns, task force to check menace of shell companies

India TV News  

The Central government has identified over 2.25 lakh companies and 7,191 Limited Liability Partnerships which have not filed their financial statements for financial years 2015-16 and 2016-17. The Ministry of Corporate Affairs 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. Moreover, over 3.09 lakh directors were disqualified for not filing financial statements or annual returns for the three preceding years, reported PTI. “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, on Friday.

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History of this topic

Disqualification Of Directors : Companies Act 2013 Takes Effect Only From FY 2014-15; Gujarat HC Quashes MCA List [Read Judgment]
6 years, 3 months ago

Disqualification Of Directors : Companies Act 2013 Takes Effect Only From FY 2014-15; Gujarat HC Quashes MCA List [Read Judgment]

Live Law  

The Gujarat High Court has quashed the list of disqualified directors published by the Ministry of Corporate Affairs on September 12, 2017. The Court held that Section 164 of the Companies Act is prospective in nature and will take effect only from its date of notification, viz, April 1, 2014.In September 2017, the MCA had published a list of nearly …

Over 2.25 lakh companies may be struck off in FY19 for not filing annual returns
6 years, 9 months ago

Over 2.25 lakh companies may be struck off in FY19 for not filing annual returns

Hindustan Times  

The government on Friday said it has identified over 2.25 lakh companies and 7,191 LLPs which have not filed their financial statements for financial years 2015-16 and 2016-17, and they may be struck off from the register of companies during the current financial year. The Ministry of Corporate Affairs has already struck off over 2.26 lakh companies for non- filing …

Shell cos crackdown: Govt removes exemptions from income tax return filing
7 years, 1 month ago

Shell cos crackdown: Govt removes exemptions from income tax return filing

Firstpost  

Seeking to crackdown on shell companies, the government has proposed to remove exemption available to firms with tax liability of up to Rs 3,000 from filing I-T returns beginning next fiscal New Delhi: Seeking to crackdown on shell companies, the government has proposed to remove exemption available to firms with tax liability of up to Rs 3,000 from filing I-T …

Shell companies: Govt may provide relief for disqualified directors
7 years, 3 months ago

Shell companies: Govt may provide relief for disqualified directors

Live Mint  

Mumbai: The ministry of corporate affairs, or MCA, will soon notify a scheme to provide relief to over 300,000 directors disqualified for associating with companies that failed to file their financial results, said two people with knowledge of the matter. After submitting pending documents these companies and their directors will be able to get relief from the strictures,” this person …

In crackdown on shell companies, govt disqualifies over 2 lakh directors in 15 days
7 years, 5 months ago

In crackdown on shell companies, govt disqualifies over 2 lakh directors in 15 days

India TV News  

Further tightening the noose around shell companies, the Ministry of Corporate Affairs has disqualified more than two lakh directors within a span of 15 days or not filing their financial statements or annual returns for two consecutive years in violation of the provisions of Companies Act, 2013. According to the ministry officials, a total of 3,19,637 directors were disqualified, while …

Crackdown on shell companies: Government to disqualify over 1.06 lakh directors
7 years, 6 months ago

Crackdown on shell companies: Government to disqualify over 1.06 lakh directors

India TV News  

Further tightening the noose around black money hoarders, the government has said that more than 1.06 lakh directors will be disqualified for their association with shell companies. The ministry has "identified 1,06,578 directors for disqualification under Section 164 of the Companies Act, 2013 as on September 12, 2017," an official release said. Possibility of using the shell companies for laundering …

Govt forms task force against shell companies, vows to take'harsh punitive' action
8 years, 1 month ago

Govt forms task force against shell companies, vows to take'harsh punitive' action

Firstpost  

There are about 15 lakh registered companies in India and only 6 lakh companies file their annual return. New Delhi: In a major crackdown on domestic shell companies, the government on Friday decided to take “harsh punitive” action, including freezing of their bank accounts used to launder money or evade taxes. Following a review by the Prime Minister’s Office, a …

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