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Home Business More Than 5.57 Lakh Firms Struck Off Due To Non-Compliance: Centre

More Than 5.57 Lakh Firms Struck Off Due To Non-Compliance: Centre

The corporations had been struck off attributable to non-compliance with the Corporations Act, 2013.(Representational)

New Delhi:

Greater than 5.57 lakh corporations had been struck off the data within the final 5 years attributable to non-compliance with varied provisions of the Corporations Act, 2013, based on the federal government.

Minister of State for Company Affairs Rao Inderjit Singh on Tuesday mentioned that 5,57,055 corporations had been struck off beneath Part 248 of the Corporations Act, 2013 learn with the Corporations (Removing of Names of Corporations from the Register of Corporations) Guidelines, 2016 within the nation within the final 5 years.

They had been struck off attributable to non-compliance with provisions of the Act, he mentioned in a written reply to Rajya Sabha.

He additionally mentioned that the time period ‘shell firm’ isn’t outlined beneath the Act. It usually refers to an organization with out energetic enterprise operation or vital property, which in some instances are used for unlawful function akin to tax evasion, cash laundering, obscuring possession and benami properties, he added.

Additional, the Minister mentioned the particular activity pressure arrange by the federal government to look into the difficulty of ‘shell corporations’ has inter-alia really helpful using sure crimson flag indicators as alerts for identification of shell corporations.

(Apart from the headline, this story has not been edited by NDTV workers and is printed from a syndicated feed.)

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