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Black money: Govt heat on 120,000 firms

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Black money: Govt heat on 120,000 firms 
The government on Tuesday said it had decided to strike off the names of 120,000 more companies from the official records for various noncompliances as part of its continuing fight against the black money menace.
Nearly 226,000 firms have been deregistered and around 309,000 directors associated with these entities have been disqualified.Minister of State for Corporate Affairs PPChaudhary, who chaired the review meeting of the actions taken with respect to deregistered firms last week, has directed officials to expedite action against the companies that are to be struck off the records.
These moves are part of larger efforts to curb illicit fund flows.According to the release, 1,157 cases had been filed with the National Company Law Tribunal (NCLT) for restoration of deregistered companies.
“Of these cases, the NCLT had given orders for considering restoration of 180 companies, of which 128 firms have been restored by the registrars of companies concerned 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.
The Business Standard, New Delhi, 17th January 2018

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