×
E-PAPER ▾

E-paper

Business

1.78L cos deregistered amid action against shell firms, says Jaitley

| | New Delhi

Speedy steps are being taken against shell companies and as many as 1.78 lakh firms that have not been carrying out business activities for long have been deregistered, Corporate Affairs Minister Arun Jaitley said on Friday. He also emphasised that balance needs to be maintained between the ease of doing business and ensuring that the firms are not misused.

Jaitley, who also holds the Finance and Defence portfolios, told the Lok Sabha that there is no definition for shell companies under the Companies Act but such entities are used for round tripping of money. The real owners behind such entities need to be identified and expeditious steps are being taken under the benami and Income Tax laws, he said during the Question Hour. As many as 1.78 lakh companies have been deregistered in recent times, he added.

In a written reply to the Lok Sabha, Minister of State for Corporate Affairs Arjun Ram Meghwal said the Registrars of Companies (RoCs) have removed 1,62,618 companies from the register of the companies  as of July 12, 2017.

Replying to supplementaries, Jaitley mentioned about markets regulator Sebi’s action against suspected shell companies on the stock exchanges, saying ‘baazaar mein thoda uthal puthal hua (there was some turmoil in the markets)’.           

 
 
 
 
 

TOP STORIES

Sunday Edition

View All

My father lived, died for India, says Rahul

15 Jul 2018 | PTI | New Delhi

Amid row over alleged use of derogatory language in a web series while referring to former Prime Minister Rajiv Gandhi, Congress chief Rahul Gandhi on Saturday said the BJP and the RSS believe that freedom of expression must be policed, while he regards it as a fundamental democratic right. “My father lived and died in the service of India...

Read More

STATE EDITIONS

View All

Pranaam Pawas: A poetic event organised to welcome monsoon

17 Jul 2018 | Staff Reporter | Bhopal

Phir Khule Akaash me Judde Ghataon Ke, Phir Hawaon Ke Dupatte Ho Gaye Jheene, a poetic event centered on creations about monsoon ‘Pranaam Pawas’ concluded in city. The event was organised by the Dushyant Kumar Memorial Manuscript Museum to welcome the monsoon season...

Read More

Page generated in 0.278 seconds.