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Cases filed against 110 vanishing cos: minister

Cases filed against 110 vanishing cos: minister
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First Published: Tue, Feb 17 2009. 04 19 PM IST
Updated: Tue, Feb 17 2009. 04 19 PM IST
By PTI
New Delhi: The government has identified 121 vanishing companies and filed cases in 110 cases, Minister of Corporate Affairs (MCA) Prem Chand Gupta informed the Rajya Sabha today.
“Prosecutions have been filed in 110 cases for violations of various provisions of the Companies Act, 1956,” the minister said in a written reply to a question on the issue of vanishing companies.
A Coordination and Monitoring Committee (CMC), co-chaired by MCA Secretary and Sebi chairman, is looking into the issue of vanishing companies, their promoters and monitoring the progress of action taken against them.
Out of the companies that went public during 1992-2001, a total of 238 firms were identified as vanishing companies. However, 117 companies have been traced out leaving the number of vanishing companies to 121, he said.
“FIRs have been filed in 112 cases under the Indian Penal Code (IPC). SEBI has debarred 100 companies and 378 directors under section 11B of the Sebi Act from entering capital market for a period of five years,” Gupta said.
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First Published: Tue, Feb 17 2009. 04 19 PM IST