Corporations are in violation of firm regulation provisions



Corporations are in violation of firm regulation provisions

By PIB Delhi

The Ministry of Company Affairs (MCA) has data on firms which have violated firm regulation provisions. State Minister for Finance and Company Affairs Shri Anurag Singh Thakur mentioned this in reply to a written query within the Lok Sabha at present. MCA receives complaints immediately or by way of Regional Administrators (RDs) / Registrar of Corporations (ROC) in opposition to firms (particular person / entities), different ministries and so forth. The Corporations Act 2013 shall be reviewed and brought in accordance with the provisions of the Act, together with the commissioning and conducting of an inquiry, inspection or investigation pursuant to Part 206 (1). ), (4), (5), part 210 and part 212 of the Corporations Act 2013 require multi-disciplinary motion in instances of such nature involving fraud on the deserves of every case, respectively, the place massive public curiosity and heavy cash transactions are made to the MCA Severe Fraud Investigation Workplace (SFIO) ) Assigns.

In his written reply, Mr. Thakur gave the next particulars of inquiries / inspections / inspections ordered over the last two years of 2018-19 and 2019-20:

The trial quantity u / s 206 (4) will not be ordered Order No. U / S 206 (5) Investigation quantity u / s 210 has not been ordered No investigation has ordered the SFIO to order U / S21
878 674 167 59

Thakur mentioned the explanations for ordering inquiries / inspections / inquiries fluctuate from instances of fraud, non-compliance with the provisions of the Corporations Act, non-refund of deposits acquired by the corporate below firm regulation and complaints from others. Dispatch of complaints filed by ministries, firms on credit score and by banks primarily based on legitimate court docket / tribunal orders.

There are 660 numbered instances wherein inquiries have been made. The minister mentioned that authorized motion will likely be taken below the provisions of the Corporations Act 2013 primarily based on the findings.



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