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11:18 pm - Sunday November 19, 2017

Govt orders banks to restrict accounts of deregistered companies

Agencies, New Delhi

Taking its war against black money a step further, the Government today asked banks to restrict the accounts of over 2 lakh companies deregistered recently for dubious transactions. The names of 2,09,032 companies have been struck off from the Register of Companies under Section 248 (5) of the Act.

A list of such companies, Registrar of Companies wise, has been published on the website of the Ministry of Corporate Affairs. In addition to such struck off companies, banks have also been advised to go in for enhanced diligence while dealing with companies in general.

A company even having an active status on the website of the Ministry of Corporate Affairs but defaulting in filing of its due Financial Statement (s) or Annual Return (s) of Particular of Charges on its assets on the secured loan should be seen with suspicion as, prima facie, if the company is not complying with its mandatory statutory obligations to file this vital information for availability to its stakeholders.

Meanwhile, the existing directors and authorised signatories of the struck off companies will now become ex directors or ex authorised Signatories. These individuals will therefore not be able to operate bank accounts of such companies till such companies are legally restored under Section 252 of the Companies Act by an order of the National Company Law Tribunal.

Posted in: Featured, Nation

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