NEW DELHI: Greater than 51,600 corporations are being faraway from official information, with the ministry of company affairs steadily stepping up motion towards corporations defaulting on submitting annual returns, official information confirmed.
On the finish of September, over 2,450 corporations got dormant standing, and won’t face any motion for not submitting annual returns, the ministry stated in a month-to-month replace. It additionally stated that 51,693 corporations are within the technique of getting struck off from the register.
Firms face the danger of being faraway from official information beneath part 248 of the Firms Act if the Registrar of Firms has purpose to consider {that a} agency has not been finishing up any enterprise for 2 instantly previous monetary years and has not utilized for dormant standing.
The motion towards defaulting corporations is important provided that it may expose administrators of these corporations to regulatory motion as nicely.
“One consequence of not being compliant with the submitting of annual returns or monetary statements for 3 consecutive monetary years is that it leads to disqualification of administrators,” stated Noorul Hassan, accomplice with Lakshmikumaran & Sridharan Attorneys.
In a departure from the current previous, the federal government this yr didn’t waive the extra charges levied on corporations for late submitting of economic statements and annual returns because the economic system has stabilised and the nation is on its approach out of the pandemic.
Firms are required to carry their annual normal assembly (AGM) inside six months of the top of the monetary yr and so they have one month from the date of the AGM to file monetary statements and 60 days from the AGM date to file annual returns. The extra payment is ₹100 for every day of delay.
The ministry is at present within the technique of revamping its digital submitting portal with a brand new model geared toward making information analytics, analysis and oversight simpler for the regulator.
The brand new security measures being carried out within the MCA21 portal are set to facilitate tech-enabled real-time oversight of firm incorporation and statutory filings, in order that authorities officers will be capable to detect entities that match threat parameters.
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Supply: Live Mint