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161 ‘vanishing companies’ traced so far: Minister

161 'vanishing companies' traced so far: MinisterNew Delhi, March 13 (IANS) The government has so far traced 161 "vanishing companies" against which action has been initiated under the company law as well as criminal law, Parliament was told on Tuesday.

The government had constituted the Coordination and Monitoring Committee (CMC) for those listed companies which had vanished after public issue during the years 1992 to 2005.

"Out of the 238 listed companies identified as 'vanishing companies', due to the efforts of the Ministry and law enforcement agencies, 161 such companies have been traced and 77 more companies are still in the list of vanishing companies," Minister of State for Corporate Affairs P.P. Chaudhary told the Rajya Sabha in a written response.

He said action was under progress against such companies as well as their directors and promoters.

 

The CMC is still active and its 30th meeting was held in July last year, the Minister added.

(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)

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161 'vanishing companies' traced so far: Minister

About Gopi Adusumilli

Gopi Adusumilli is a Programmer at Excellus Blue Cross Blue Shield. He is the editor of SocialNews.XYZ and President of AGK Fire Inc. He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources. When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any. He can be reached at gopi@socialnews.xyz

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