Government will take strict action on these companies now

Nov 06 2017 10:19 AM
Government will take strict action on these companies now

After the government's strictness on Shell companies, LLP (Limited Liability Partnership) and other companies are also on the government radar. In the exclusive conversation, Minister of State for Corporate Affairs PP Chaudhary informed about this. He said that after filing, the amount deposited in the accounts of the active companies will be examined. In addition, in the winter session for the Isle of Doing Business, the company will be in Act 2017. There will be 93 new changes in the Companies Act. 

The ministry, which is implementing the Companies Act, has sought to know from the 2.96 lakh companies as to why their names should not be struck off. The stringent regulatory action would be initiated against the erring entities in case their responses are unsatisfactory.   

Companies will be liable to lend the process of data mining and the companies will change the technology, for this, the Artificial Intelligence will be used. So far, no case has been created against CA, CS. The banks that give a loan to companies will also be investigated. 

Notice is also issued if a particular company has not been carrying out business for at least two continuous financial years and has not applied for dormant status. 2.57 lakh shell companies were sent notice. PP Chaudhary further said that notice has been sent to 2.57 lakh shell companies as part of efforts to tighten scams. If not responded the government will ban these companies.

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