MCA Talks Tough on Dormant Companies
Dormant companies can no longer breathe easy as ministry of corporate affairs (MCA) is all set to tighten its noose on them. The ministry has proposed to put all the companies, which had defaulted in filing their annual returns and balance sheets for a continuous period of three years will be moved into separate basket ‘dormant’ companies.
“Such companies will not be allowed to file Form 8, 10, which is filled for registration of charges,” said joint secretary, MCA Avinash Srivastava.
He said the ministry has identified around 1.5 lakh ‘Dormant’ companies. Announcing some of the key ministry initiatives to focus business growth in the country, Srivastava said: “The ministry has put in all efforts to make the compliances by various corporate simpler and easier so that they can devote their time in business activity rather than in any other work”. Srivastava said that the ministry has tailored the IT Act in accordance with the Companies Act to make annual report and balance sheet filling by the companies through electronic mode. “E-filing has been made mandatory and for this the ministry has extended the last date,” he said.
“Such companies will not be allowed to file Form 8, 10, which is filled for registration of charges,” said joint secretary, MCA Avinash Srivastava.
He said the ministry has identified around 1.5 lakh ‘Dormant’ companies. Announcing some of the key ministry initiatives to focus business growth in the country, Srivastava said: “The ministry has put in all efforts to make the compliances by various corporate simpler and easier so that they can devote their time in business activity rather than in any other work”. Srivastava said that the ministry has tailored the IT Act in accordance with the Companies Act to make annual report and balance sheet filling by the companies through electronic mode. “E-filing has been made mandatory and for this the ministry has extended the last date,” he said.
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