PTI | Asserting that companies that have not filed annual returns and balancesheet to Ministry of Corporate Affairs (MCA) for past five years have been put on notice, a senior official of MCA today said there were 80,000 such companies in northern India.
"About 80000 defaulters (defaulting companies) are there in northern India. There are various type of defaulters and most of them are defaulters due to failure to submit annual statement and balance sheets of the companies. But we taking strict action now", the ministry's Regional Director, Northern Region, B K Bansal told reporters.
"These companies were filing only even-based information with the MCA as per their convenience and not filing annual returns. We have sent them notices in past two months and have now blocked them", Bansal said.
He further said that MCA has taken steps for compliance management by the companies to ensure they file their annual returns and balancesheets duly audited in time.
Companies that have failed to file annual returns with MCA for past five years have been barred from filing any further documents with regard to benefits, he said.
"To make the move effective, ministry has also informed the banks associated with defaulting companies", Bansal said.
It has been decided that no request, whether oral or in writing or through e-forms, for recording any even-based information/changes shall be accepted by the Registrar of Companies (ROC) from such defaulting companies unless they file their updated balancesheet and profit and loss accounts and annual returns with ROC, he said.
This is in order to ensure corporate governance and proper compliance of provisions of Companies Act, 1956.
Bansal said companies are now registered by the ROC within 24 hours of filing of complete documents.
MCA has launched drive for withdrawal of prosecution cases filed wrongly against companies and directors, if any, he said.
He said the Ministry of Corporate Affairs (MCA) is now fully e-governed and registers almost all the documents in new State of art e-governance project - State Through Process (STP.
"It means that all the documents once it is uploaded through internet and fee is paid, will be registered immediately through STP mode by ROC office", he said.
Keywords : ROC | ROC INDIA | BUSINESS | INDIAN BUSINESS
"About 80000 defaulters (defaulting companies) are there in northern India. There are various type of defaulters and most of them are defaulters due to failure to submit annual statement and balance sheets of the companies. But we taking strict action now", the ministry's Regional Director, Northern Region, B K Bansal told reporters.
"These companies were filing only even-based information with the MCA as per their convenience and not filing annual returns. We have sent them notices in past two months and have now blocked them", Bansal said.
He further said that MCA has taken steps for compliance management by the companies to ensure they file their annual returns and balancesheets duly audited in time.
Companies that have failed to file annual returns with MCA for past five years have been barred from filing any further documents with regard to benefits, he said.
"To make the move effective, ministry has also informed the banks associated with defaulting companies", Bansal said.
It has been decided that no request, whether oral or in writing or through e-forms, for recording any even-based information/changes shall be accepted by the Registrar of Companies (ROC) from such defaulting companies unless they file their updated balancesheet and profit and loss accounts and annual returns with ROC, he said.
This is in order to ensure corporate governance and proper compliance of provisions of Companies Act, 1956.
Bansal said companies are now registered by the ROC within 24 hours of filing of complete documents.
MCA has launched drive for withdrawal of prosecution cases filed wrongly against companies and directors, if any, he said.
He said the Ministry of Corporate Affairs (MCA) is now fully e-governed and registers almost all the documents in new State of art e-governance project - State Through Process (STP.
"It means that all the documents once it is uploaded through internet and fee is paid, will be registered immediately through STP mode by ROC office", he said.
Keywords : ROC | ROC INDIA | BUSINESS | INDIAN BUSINESS
Indian carriers are rapidly expanding their operations as an economy growing at nearly 9 percent spurs business travel and the middle class, long accustomed to traveling by rail, increasingly takes to the air.
Airbus has an order backlog of more than 400 planes to be delivered to Indian carriers over the next 15 years, Joost Van Der Heijden, Airbus' head of airline marketing for Africa, India, South East Asia and Japan, told reporters in Mumbai.
He said India is the seventh-largest market for Airbus but expected it to climb in coming years.
"India will move up with traffic growth higher than anywhere in the world," Heijden said.
"The Indian fleet will certainly more than double and could even triple in the coming years," he said on the sidelines of an industry conference organised by Euromoney.
Indian budget carriers Indigo and GoAir last month placed plane orders worth nearly $23 billion in total with Airbus.
Rival Boeing has existing orders of about $15 billion with airlines in India, the top official in its Indian unit said on Thursday.
Boeing expects India's commercial plane market to reach $150 billion over the next 20 years, as a burgeoning middle class is expected to drive demand in Asia's third-largest economy.
key words: BUSINESS | AIRLAINES | DEALS
At the Interbank Foreign Exchange (Forex) market, the local unit opened lower at 44.47/48.
Later, it bounced back to a high of 44.38 before settling at 44.43/44, one paise down from its previous close.
In the last four trading sessions in a row, the rupee had gained 61 paise or 1.35 per cent.
Renewed dollar demand from banks and some corporates in view of the firming dollar in overseas markets mainly affected the rupee value against the dollar, a forex dealer said.
The early fall in the rupee due to fresh dollar demand from importers and corporates amidst a firm US dollar overseas was wiped out after the mid-session following late dollar selling by exporters and sustained heavy capital inflows, he added.
Alpari Financial Services ( India) CEO Pramit Brahmbhatt said, "Rupee recovered its initial losses after mid-session but ended a tad lower. Heavy foreign funds inflow limited the rupee fall."
In the Asian market the US currency gained against the euro and yen today as the demand of the Greenback as an alternative investment option soared as concerns over a possible rate hike by China dampened the investor sentiment.
The dollar index, gauging of six major currencies, was up by 0.25 per cent, with investors still wary of Europe's sovereign debt problems while New York crude oil was trading near USD 95.5 a barrel in European market on Tuesday.
At the Interbank Foreign Exchange (Forex) market, the local unit opened lower at 44.47/48.
Later, it bounced back to a high of 44.38 before settling at 44.43/44, one paise down from its previous close.
In the last four trading sessions in a row, the rupee had gained 61 paise or 1.35 per cent.
Renewed dollar demand from banks and some corporates in view of the firming dollar in overseas markets mainly affected the rupee value against the dollar, a forex dealer said.
The early fall in the rupee due to fresh dollar demand from importers and corporates amidst a firm US dollar overseas was wiped out after the mid-session following late dollar selling by exporters and sustained heavy capital inflows, he added.
Alpari Financial Services ( India) CEO Pramit Brahmbhatt said, "Rupee recovered its initial losses after mid-session but ended a tad lower. Heavy foreign funds inflow limited the rupee fall."
In the Asian market the US currency gained against the euro and yen today as the demand of the Greenback as an alternative investment option soared as concerns over a possible rate hike by China dampened the investor sentiment.
The dollar index, gauging of six major currencies, was up by 0.25 per cent, with investors still wary of Europe's sovereign debt problems while New York crude oil was trading near USD 95.5 a barrel in European market on Tuesday.