Live
- Hockey: Japan, China reach Rajgir for Bihar Women’s Asian Champions Trophy 2024
- CM Revanth Reddy to Visit Yadadri and Sangem Village on His Birthday
- Top reasons to consider a Personal Loan in 2024
- Scholarships for Students
- PUBG maker Krafton clocks 42.6 pc loss in net profit in Q3
- Celebrating the backbone of modern healthcare
- Sagar Sangham Mandal Committee Formed Unanimously
- Afghan police smash 21 drug processing labs, arrest 20 drug smugglers
- 'Lock the kit bag away...': Ponting suggests Babar to take Kohli's way to regain form
- Meloni speaks with 'friend' Elon Musk after congratulating Trump on election win
MCA traces 14 vanishing companies from Hyderabad
Of 77 vanishing companies which are yet to be traced by the Ministry of Corporate Affairs MCA, around 14 of them which is the second highest number in the country after Ahmedabad are from Hyderabad
HYDERABAD: Of 77 ‘vanishing companies’ which are yet to be traced by the Ministry of Corporate Affairs (MCA), around 14 of them which is the second highest number in the country after Ahmedabad are from Hyderabad.
Vanishing companies are those that have raised money through an IPO and have failed to fulfill the listing requirement and are not traceable. MCA could trace only 161 companies of total 238. The 14 companies are from Hyderabad collected between 1.5 crore to Rs 5 crore each from the public.
Joint Coordination and Monitoring Committee of MCA and Securities and Exchange Board of India have not identified new firms, as vanishing companies, in three years. The committee identified around 238 firms that disappeared after public issue between the years 1992 to 2005.
Hyderabad registrar of companies has began the prosecution under Companies Act and registered FIRms under cheating sections of IPC. Prosecution for non-filing of returns and non-maintenance of registered office address were initiated against companies.
