Registration Cancellation of Over 2 Lakh Inactive Companies Is a Display of the Government’s Cavalier Attitude
Arora, investor director in an e-commerce company facing the music, is also a director of another company. The government action has led to him being barred from being a director of any other company for five years. Now Arora says he faces an existential crisis. “For an entrepreneur, five years of ‘banishment’ could mean the end of road for his commercial interests,” he says. Visibly distraught, he is already thinking of leaving the country and shifting base to Singapore. “This is no ease of doing business,” he bemoans.
Arora’s (and many others like him) problems arise from the government’s decision to crack the whip on companies which have not filed their returns for three or more years. The registration of 2.17 lakh such companies have been cancelled at one go and as many as 3.2 lakh directors disqualified. The government also restricted the use of bank accounts of these companies by their directors or their authorised representatives. Several companies – such as Gold Sukh Trade India Limited, Shanti Infrastructure and Colonisers Private Limited, Aptive IT Solutions and Swarnalabh Trade Link, among others – had multiple accounts.
Denne historien er fra November 05, 2017-utgaven av Business Today.
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Denne historien er fra November 05, 2017-utgaven av Business Today.
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