More than 3.82 lakh companies struck off till F.Y 2020-21 in Special Drives taken by Registrar of Companies –
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Under the Special Drives taken by the Registrar of Companies, about 3,82,875 companies were struck off u/s 248 (1) of the Companies Act till the financial year 2020-21.
This was stated by Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh in a written reply to a question in Rajya Sabha on March 15, 2022.
Explaining further, the Minister stated that there is no definition of the term “Shell Company” in the Companies Act, 2013 (the Act).
It normally refers to a company without active business operation or significant assets, which in some cases are used for illegal purposes such as tax evasion, money laundering, obscuring ownership, Benami properties, etc.
The Special Task Force set up by the Government to look into the issue of “Shell Companies” has, inter-alia, recommended the use of certain red-flag indicators as alerts for the identification of suspected Shell Companies.
The Minister stated that the Government has undertaken Special Drives for identification and strike-off Companies by invoking the provisions of section 248 (1) of the Companies Act.