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5 September 2017
 |
Arun Jetley (The Total Investment & Insurance
Solutions)
As part of a broad crackdown on illegal
transactions and tax evasion, the government on Tuesday said that names of over
2 lakh firms have been struck off from the Register of Companies (RoC) for
failing to comply with regulatory requirements and action has been initiated to
restrict operations of their bank accounts.
Existing directors and authorized signatories
of such struck off companies will now become ex-directors or ex-authorized
signatories, the Finance Ministry said on Tuesday.
These individuals will not be able to operate
bank accounts till such companies are legally restored by an order of National
Company Law Tribunal (NCLT). The restoration, as and when it happens will be
reflected by change in the status of the company from ‘struck off’ to ‘active’. The Total Investment & Insurance Solutions
"Government
has stepped up decisive action against companies falling within the ambit of
Section 248 of the Companies Act. The names of 2,09,032 companies have been
struck off from the Register of Companies (RoC)", the Ministry said in a
statement.
The department of financial services has,
through the Indian Banks Association (IBA), advised all banks that they should
take immediate steps to put restrictions on bank accounts of such struck off
companies, it said.
The
statement further said that banks have been asked to employ 'enhanced diligence
while dealing with companies' and keep a watch on companies which are
defaulting in filing financial statements or annual returns. The Total Investment & Insurance
Solutions
A list of such companies (Registrar of
Companies wise) has been published on the website of the Ministry of Corporate
Affairs.The Total Investment &
Insurance Solutions
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