MCA to remove around 400 Chinese online loans and jobs companies
By MYBRANDBOOK
The Ministry of Corporate Affairs (MCA) may remove as many as 400 Chinese companies dealing in online loans and online jobs in 17 Indian states including Delhi, Mumbai, Chennai, Bengaluru, over the next three months for incorporation-related and financial frauds, as per report. The Chinese companies under investigation are found to have committed financial fraud and the loan apps are said to have harassed users.
The MCA has also ordered investigations on some other Chinese companies which are mobile screen and battery manufacturers.
“The inquiry on almost 600 Chinese companies stands completed. There will be a substantial number of anywhere between 300-400 companies which will be struck off," a news portal quoted the official as saying. "These include loan apps, online job companies, etc.”
The Ministry of Corporate Affairs (MCA) has been investigating loan apps for predatory lending practices, fraud, or violations of financial regulations. This is in response to concerns surrounding the proliferation of digital lending apps in India, some linked to Chinese companies.
These companies have been accused of using aggressive tactics, charging exorbitant interest rates, and harassing borrowers.
Few companies have an Indian Director but have a Chinese bank account and there are no recorded transactions. In other instances, the investments exist but are directed towards unrelated businesses which indicates financial fraud, the report stated.
Section 248 of the Companies Act says that striking off companies takes three months wherein a notice is first sent to them, giving them time to respond. After one month, a second notice is sent. If there's no response still, the company is struck off.
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