Government knocks off 1.28 Lakh Companies from Records for Non-Compliance
By MYBRANDBOOK
Union minister Rao Inderjit Singh said that the government has struck off 1,27,952 companies in the last three years from the records which failed to submit their financial statements for two continuous financial years. He also said the term 'shell company' is not defined under the Companies Act, 2013.
The minister said that the government undertook a special drive for identification and striking off companies under section 248(1) of the Companies Act, 2013.. The act reads that Companies (Removal of Names of Companies from the Register of Companies) Rules that had not filed their financial statements and/or annual returns for a continuous period of two immediately preceding financial years.
He said that the term "Shell company' is not defined under the Companies Act, 2013.
However, the Centre amended a schedule of the Act in March 2021 to put in place safeguard measures with respect to transactions with such struck-off companies. With the amendment, companies having a relationship with struck-off companies will have to make certain disclosures.
The Department of Telecommunications (DoT), Ministry of Communications has issued new Other Service Providers (OSPs) guidelines to reduce the compliance burden for BPO and other IT-enabled service providers. The guidelines have also enabled companies to adopt hybrid working models by enabling 'Work from Anywhere' in the country.
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