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Over one third of registered companies out of business

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Over one third of registered companies out of business
More than one-third of the total 17 lakh registered companies in the country were shuttered as on end of October, latest official data showed.
While authorities step up their clampdown on companies suspected of being used as a conduit for illegal activities, the number of active firms stood at little over 11.30 lakh as on October 31.The corporate affairs ministry, which is implementing the Companies Act, has so far struck off the names of around 2.24 lakh entities that have not been carrying out business activities for long.
"The total number of companies registered in the country as on October 31, 2017, stood at 17,04,319... there were 11,30,784 active companies as on October 31, 2017," the ministry said in a report for the month of October.
According to the report, out of the total, 5.35 lakh companies were closed down, 1,123 were assigned dormant status, 5,957 were under liquidation and 31,666 were inhe process of being struck-off, among other.
The Economioc Times, New Delhi, 27th November 2017

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