2.26 lac Companies under MCA scanner for not filing Returns (FY 2015-16/ 2016-17)

2.26 lac Companies under MCA scanner for not filing Financial Statements/ Annual Returns for FY 2015-16 and 2016-17

As per news reports, a total of 2.26 lac companies have been identified during financial year 2018-19, which are under MCA scanner for action under Section 248 of the Companies Act 2013, on the grounds of non-filing of due returns (i.e. financial statements, annual return, etc.) for the financial Year 2015-16 & 2016-17. Due procedure shall be followed by respective ROCs before striking off names of the companies concerned.

During 2017-18 also, 2.97 lakh companies were identified as not filing their Financial Statements or Annual Returns for a continuous period  of two or more financial years and were not conducting any business operation, out of which ROCs removed the names of 2.26 lac such companies by following the due process under Section 248 of the Companies Act, 2013.

Further, the Central Government has ordered investigation into the true ownership of 68 number of companies under section 216 read with section 210(1)(c) of the Companies Act, 2013 which have deposited and withdrawn funds in an exception manner from the bank accounts during demonetization period.

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