BY KVL AKSHAY, ET BUREAU |
APR 20, 2017, 06.14 AM IST
NEW DELHI: About a quarter million companies in
India face the possibility of being dissolved for not carrying out any business
over the last two financial years and failing to apply for 'dormant' status.
In public notices issued over the last two
weeks, the regional offices of the Registrar of Companies (RoC) have named
about 250,000 such entities across the country which failed to apply for
'dormant company' status under the Companies Act, 2013. Information from the
RoCs pegs the number of such companies in Mumbai at over 71,000, 53,000 in
Delhi, 40,000 in Hyderabad and 22,000 in Bengaluru.
As per norms, the names of these companies will
be struck off and the entities dissolved in the absence of any objection, an
official said. The notices, available on the website of the ministry of
corporate affairs, were issued under the Companies (Removal of Names of
Companies from the Register of Companies) Amendment Rules, 2016, which was
notified by the corporate affairs ministry on December 26, 2016. Looking at the
numbers, next are the cities of Ahmedabad, Kolkata and Pune with 11,000-12,000
companies.
RoC Chennai names only 4,000 companies in the
notice, while those in Kanpur, Jaipur and Chandigarh naming 7,000, 6,000 and
4,600 companies, respectively. The rules also state that the Registrar of
Companies shall, ‘simultaneously intimate the concerned regulatory authorities
regulating the company, viz, the income-tax authorities, central excise
authorities and service-tax authorities ’ to seek any objections before
deregistering the companies.
Section 248 of the Companies Act, 2013, empowers the RoC to remove
the name of a company in two cases — if it fails to start business within a
year of incorporation, and if a ‘non-dormant’ company does not do business for
two successive financial years. The least number of companies were named by RoC
Puducherry at 82 and RoC Gwalior at 137.
Section 455 of the Act provides for an inactive
company to apply for ‘dormant’ status in cases where a company is formed and
registered ‘for a future project or to hold an asset or intellectual property
and has no significant accounting transaction’. Data with respect to number of
companies that have acted upon being identified in these notices is still
unavailable.
Read more at:http://economictimes.indiatimes.com/articleshow/58269602.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
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