The Registrar of Companies (ROC) here has identified 5,766 companies in the nine western districts as shell companies.
According to a press release from Josekutty VE, Registrar of Companies, Tamil Nadu - Coimbatore, the Ministry of Corporate Affairs had directed ROCs across the country to identify shell companies, enquire, and close down those that did not comply with the laws. Following this, 5,766 companies were identified in Coimbatore, Erode, Salem, Namakkal, Dharmapuri, Krishnagiri, Tirupur, Dindigul and the Nilgiris districts for not filing the statutory returns (balance sheet and annual returns) for 2013-2014 and 2014-2015.
Of these, notices were issued to 4,266 companies. “Only about 100 companies responded,” Mr. Josekutty told The Hindu on Thursday.
He said that 18,000 companies are registered with the ROC in this region and of these 5,766 companies were found to have not filed the mandatory returns for two years.
On further scrutiny, it was found that 1,500 companies had taken loans from public and private sector banks. The ROC wrote to the bank branches and it was found that most of these companies were not in operation, had not repaid the loans, and have become NPAs.
Notices were issued to the remaining 4,266 companies and to nearly 12,000 directors.
“We will start closing down the companies from Monday,” he said.
These are either defunct or had not filed the returns. Many of these are in the IT and manufacturing sectors. Some are even 50 years or 60 years old.
The press release added that the ROC had sent the names and addresses of these companies to the Income Tax, Central Excise, and Service Tax Departments for verification of the status.
The list was also published on the website of the Ministry.
The ROCs will take legal action on the directors and the professionals associated with these companies.
The Director Identification Number (DIN) allotted to them will be blocked so that they cannot be appointed directors in any other company.
Demonetisation period
Mr. Josekutty said this move was mooted after the demonetisation period.
