Vijay C Roy
Tribune News Service
Chandigarh, March 10
Around 170 companies based out of Chandigarh have been deregistered in the past 11 months of the current fiscal, as per the latest data provided by the Ministry of Corporate Affairs.
While some have been delisted for not filing annual returns and balance sheets, others wound up operations voluntarily as these either incurred huge losses or were unable to commence operations within the stipulated time amid the pandemic.
Overall, in Chandigarh and Punjab, the names of 504 companies were removed from the data of the Registrar of Companies during April 2020 to February 2021.
From Chandigarh only, a majority of the companies delisted were from the services sector, which includes hospitality, tour and travels, immigration, security services and BPO, followed by manufacturing.
As on January 31, 2021, there are around 7,472 active companies in Chandigarh.
The Companies Act provides for deletion of names of firms from the Registrar of Companies if these do not commence operations within a year of incorporation, or those which have not filed their annual return or balance sheet for two consecutive years.
“Many companies, whose names were struck off, were defunct. These had not filed their annual return or balance sheet for two consecutive years or commenced their operations within a year of incorporation amid the pandemic,” said a senior official in the Ministry of Corporate Affairs.
“It is believed that those who do not file balance sheets for two years or more are, normally, shell companies created to evade taxes and dupe gullible clients. Also, there were instances where promoters voluntarily approached the Registrar of Companies to strike off their company name as they have shut operations,” the official added.
In the wake of the pandemic, the Centre had imposed a nationwide lockdown in March last year. Many states had imposed restrictions, affecting businesses.
from The Tribune https://ift.tt/30yRJss
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