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Prosecutions have been initiated against 107 fraudulent companies and their promoters/directors under the relevant provisions of the Companies Act, 1956. As on date, 114 companies have been identified as vanishing companies. Originally 229 companies were listed in the vanishing category.
Government has launched prosecutions against 94 companies for non-filing of statutory returns. The cases are pending before different High Courts for decision.
FIRs have been filed against 100 companies. Out of them, FIRs have been registered in 87 cases. Investigations by the respective State police authorities are going on in all these cases.
The Securities and Exchange Board of India (SEBI) has debarred 100 companies and 378 directors under Section 11B of the SEBI Act from raising money in the capital market in any form for a period of five years.
SMK/ls
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