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1 lakh cos lose registration for not filing annual returns
March, 15th 2008

The government has cancelled the registration of over one lakh companies for failing to file annual returns, Parliament was informed on Friday.

There were about 7,43,628 companies registered under the Companies Act till March 2007. However, only 3,22,943 companies filed their annual returns till February this year, Minister of Corporate Affairs Prem Chand Gupta told Lok Sabha in a written reply.

Same trend was witnessed in 2006 when out of 7,32,169 registered companies only over 2.94 lakh filed their annual returns for 2006-07.

The government is taking necessary actions to ensure strict compliance of the Act, Gupta said adding, "In cases of non-compliance with the provisions of the Companies Act 1956, so far as it pertains to filing of statutory annual returns, the Ministry has taken various steps," he said.

The government has started online filing of such returns, striking off names of defunct companies from the Registry and filing of prosecutions.

"The government is already running proceedings against 69,017 companies," Gupta said.

In another reply, Gupta said there are about 121 vanishing companies, which have raised Rs 819 crore through IPOs.

"Sebi has debarred 100 companies and 378 directors from entering the capital market for a period of five years," Gupta said.

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