Ministry of corporate affairs puts 80,000 companies in defaulters list
09 Jul 2011
The ministry of corporate affairs (MCA) has classified almost 80,000 companies in North India as defaulters, for not have not filed their annual returns and balance sheet for the past five years.
The ministry's regional director, Northern Region, B K Bansal told PTI that the government is taking strict action against the defaulters.
In order to ensure corporate governance and proper compliances of provisions of Companies Act, 1956, the MCA has decided that from 3rd July, 2011 all the companies will have to file their updated balance sheet and profit & loss accounts and annual return with the Registrar of Companies.
Bansal said the ministry has decided not to entertain any request, whether oral or in writing or through e-forms, for recording any event-based information / changes by the Registrar of Companies from such defaulting companies unless they file their updated balance sheet and profit and loss accounts and annual returns with it, as per the circular issued on 1st June 2011.
He further said that MCA has taken measures for compliance management by the companies to make sure they file their audited annual returns and balance sheets in the stipulated period.
To further tighten the noose, defaulting companies' banks and and SEBI will be informed.
However, this order will not apply to companies which could not file their balance sheet and annual returns due to orders passed by a court, the company law board or any other competent authority, and registrar of companies hve flagged such companies as having a management dispute.
However, in the interest of other stakeholders following event based information / changes will continue to be accepted by the Registrar of Companies from such marked defaulting companies.
