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1.63 lakh Companies De-Registered by Government

Government has deregistered 1.63 lakh companies after demonetisation.
BY BEx Bureau
BusinessEx
Aug 09, 2017

Over third of the 1.63 lakh companies that were de-registered by the Modi government, under the cleansing act that was undertaken by companies with doubtful and problematic operations were from Mumbai and Delhi.

33,000 companies in Mumbai and 22,863 in Delhi were de-registered according to official data.

Hyderabads number of de-registered companies was 20,588 and Chennais was 12,133.

All the above-mentioned cities together accounted for over 50 per cent of the total companies deregistered by the Registrar of Companies. Additionally, 11,286 companies from Bengaluru and 10,083 companies from Pune were de-registered during the process.

The companies were recognized based on data extracted from the demonetised notes deposited to the banks after Prime Minister Narendra Modi cancelled the legitimacy of high value denominated notes.

It is supposed that the total tally deregistered companies counted in 38,000 bogus/shell companies.

On the occasion of the CA Foundation Day occasion, Modi said that government de-registered more than one lakh companies with suspicious and questionable operations and promised that further tougher actions would be taken in the future against such companies.

The data of 1.63 lakh, deregistered companies was as of July 12, official sources said. The exact criteria on which companies were picked up for de-registration was not disclosed by the Government.

The government has supposedly followed the process under Section 248 of the Companies Act 2013 to de-register the companies.

This decision may affect the political parties but will definitely benefit the country. And those who looted the poor will have to return (their riches) to the poor, said Modi on July 1.

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