Over 1.62 lakh companies deregistered till July 12, says Finance Minister Arun Jaitley


New Delhi: Today government stated that around 1.62 lakh corporations have not been carrying out business activities for long being deregistered and sequence of actions being taken next to shell firms.

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Finance Minister Arun Jaitely has also conveyed that the term ‘shell company’ is not defined under the Companies Act and the Lok Sabha that numerous such entities originate to be indulging in large scale tax violations.

He further added that the Registrars of Companies (RoCs) have eliminated 1,62,618 corporations from the register of companies as at July 12, 2017 after the due process under Section 248 of the Companies Act, 2013.

His reaction was to an inquiry on whether countless organizations and substances that are basically utilized as courses for managing in black money and hawala exchanges have gone to the notice of the legislature.

Segment 248 gives forces to the RoC to expel the name of an organization to enroll on different grounds including that the element was not completing any business for two going before budgetary years.

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Reacting to supplementary inquiries, the minister said the team on shell organizations has presented its proposals and moves are being made. To an inquiry about move made against the chiefs of organizations that enjoy such infringement, the pastor said where there is infraction of law, move is made under the pertinent arrangements.