2,25,910 firms to face action for failure to file tax returns last two years: MCA

New Delhi, Aug 3 (UNI) The government has identified a total of 2,25,910 companies for action under Section 248 of the Company Act on the basis of non- filing of due returns for the financial Year 2015-16 and 2016-17.

Stating this in the Lok Sabha on Friday, Minister of State for Law & Justice and Corporate Affairs PP Chaudhary said in Lok Sabha said procedure shall be followed by ROCs (Registrar of Companies) before striking off names of companies.

Chaudhary further said that during 2017-18 the Registrars of Companies (ROCs) had identified 2.97 lakh companies which were not filing their Financial Statements or Annual Returns for a continuous period of two or more financial years and, prima facie, either were not conducting any business or were not in operation.

Out of such identified companies, Registrars of Companies (ROCs) removed the names of 2,26,166 such companies from the register of companies by following the due process under Section 248 of the Companies Act, 2013.

Further, the Central Government has ordered investigation into the true ownership of 68 number of companies under section 216 read with section 210(1) (c) of the Act, which have deposited and withdrawn fund in an exception manner from the bank accounts during demonetization period.

Savio Rodrigues

Savio Rodrigues Founder & Editor-in-Chief

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