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Press Information Bureau
Government of India
Ministry of Corporate Affairs
25-August-2011 17:42 IST
Vanishing Companies
25 L
The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Lok Sabha that 238 Companies have been identified as vanishing companies.
Companies which had raised funds through Initial Public Offer were identified as Vanishing Company for
(i) non maintaining of their registered office;
(ii) non- traceability of directors(iii) non- filing of statutory returns/ listing requirements with the concerned Registrar of Companies / Stock Exchange for a period of 2 years. Out of 238 companies identified as vanishing companies, 119 companies have now become regular in filing their returns with the concerned Registrar of Companies. In addition, 32 companies have gone into liquidation. Thus, as on date, there are 87 companies which still remain identified as vanishing companies. The State-wise list of 87 vanishing companies is enclosed as Annexure I. 86 Prosecutions under Section 63/ 68 and 628 of the Companies Act, 1956 for mis-statement in the prospectus, fraudulently inducing persons to invest money and for false statement etc were filed against the company and its directors. Besides, 82 FIRs were also lodged with the Police to trace out the whereabouts of the companies and their directors.
The Minister was replying to a written question on the total number of companies which were identified as vanishing companies; identified the reasons for working of vanishing companies; the number of vanished companies which were found working in the country at present, State-wise; and the action taken against the promoters/ directors in these companies?
*****
ST/-
Annexure-I
List of Vanishing Companies (State-wise)
S. No. | Name of the Vanishing Company | State |
1. | Aashi Industries Ltd (Formerly known as Aashi Pharmachem Ltd) | Gujarat |
2. | Bhavna Steel Cast Ltd. | Gujarat |
3. | Citizen Yarns Ltd. | Gujarat |
4. | Cromakem Ltd | Gujarat |
5. | Frontline Financial Services Ltd. | Gujarat |
6. | Genuine Commodities Development Co. Ltd. | Gujarat |
7. | Girish Hotels Resorts and Health Farms Ltd. | Gujarat |
8. | Growth AgroIndustries Ltd. | Gujarat |
9. | Kesar Greenfield International Ltd | Gujarat |
10. | Lyons Industrial Estate Enterprises Ltd (formerly known as Lyons Range Finance Ltd.) | Gujarat |
11. | Manav Pharma Ltd. | Gujarat |
12. | Marine Cargo Company Ltd. | Gujarat |
13. | Naisargik Agritech (India) Ltd. | Gujarat |
14. | Naturo Pest Ltd. | Gujarat |
15. | Nishu Fincap Ltd. (Formerly known as Medha Finance & Securities Ltd.) | Gujarat |
16. | Pur Opale Creations Ltd (formerly known as Nuline Glassware (India) Ltd.) | Gujarat |
17. | Protech Circuit Breakers Ltd. | Gujarat |
18. | Protech Switchgears Ltd. | Gujarat |
19. | Shree Yaax Pharma & Cosmetics Ltd. | Gujarat |
20. | Shreeji Dyechem Ltd. | Gujarat |
21. | Shri Mahalaxmi Agricultural Developments Co. Ltd. | Gujarat |
22. | Spil Finance Ltd. | Gujarat |
23. | Super Domestic Machines Ltd. | Gujarat |
24. | Sushil Packagings (India) Ltd. | Gujarat |
25. | Tirth Plastics Ltd. | Gujarat |
26. | Topline Shoes Ltd | Gujarat |
27. | Aditya Alkaloids Ltd. | Andhra Pradesh |
28. | Canara Credit Ltd. | Andhra Pradesh |
29. | Daisy Systems Limited | Andhra Pradesh |
30. | Imap Technologies Limited | Andhra Pradesh |
31. | Kamakshi Housing Finance Ltd. (Presently known as Kisha Impex Ltd. | Andhra Pradesh |
32. | Deccan Petroleum Ltd. | Andhra Pradesh |
33. | Orpine Systems Limited | Andhra Pradesh |
34. | Chhakri Tyres & Tubes Ltd. or Rhino Tyres Ltd. (Presently known as Raam Tyres Ltd.) | Andhra Pradesh |
35. | Sequel Soft India Limited | Andhra Pradesh |
36. | Sibar Media & Entertainment Limited | Andhra Pradesh |
37. | Sibar software services India) Ltd | Andhra Pradesh |
38. | Swal Computers Ltd | Andhra Pradesh |
39. | Visie Cyber Tech Ltd. | Andhra Pradesh |
40. | Ambuja Zinc Ltd. | Bihar |
41. | Bodh Gaya Ceramics Ltd. | Bihar |
42. | Cilson Organics Ltd. | Bihar |
43. | Shree Vaishnavi Printing and Dyeing Ltd. | Bihar |
44. | Carewell Hygiene Products Ltd | Chandigarh |
45. | Sukhchain Cements Ltd. (formerly known as Ganapati Cements Pvt. Ltd.) | Chandigarh |
46. | Kedia Infotech Ltd (formerly known as Grives Hotels Ltd.) | Delhi |
47. | Hoffland Investments Ltd. (formerly known as Vadra Investments Ltd.) | Delhi |
48. | Simplex Holdings Ltd | Delhi |
49. | Star Electronics Ltd. | Delhi |
50. | Zed Investments Ltd. | Delhi |
51. | Flora Wall Coverings Ltd. | Karnataka |
52. | Ocean Knits Limited | Karnataka |
53. | Hi-Tech Drugs Ltd | Madhya Pradesh |
54. | Madhyavart Exxoil Ltd | Madhya Pradesh |
55. | Rajadhiraj Industries Ltd. | Madhya Pradesh |
56. | South Asian Mushrooms Ltd. | Madhya Pradesh |
57. | Sterling Kalk Sand Bricks Ltd. | Madhya Pradesh |
58. | Caldyn Aircon Ltd | Maharashtra |
59. | Gobal Exhibitions Ltd. (Formerly known as Global Network Ltd.) | Maharashtra |
60. | Hitesh Textile Mills Ltd. | Maharashtra |
61. | Ichakalanji Soya Ltd. | Maharashtra |
62. | Pashupati Cables Ltd. | Maharashtra |
63. | Realtime Finlease Ltd. | Maharashtra |
64. | Rusoday & Company Ltd. | Maharashtra |
65. | Sparkle Foods Ltd. | Maharashtra |
66. | Vipul Securities Ltd. | Maharashtra |
67. | Universal Vita Alimentare Ltd. | Orissa |
68. | Hallmark Drugs and Chemicals Ltd. (formerly known as Lifeline Drugs Ltd.) | Punjab |
69. | Amigo Exports Ltd. | Tamil Nadu |
70. | Crestworld Marines Ltd. | Tamil Nadu |
71. | Ma Capital Market Services Ltd. | Tamil Nadu |
72. | Nagarjuna Jiyo Industries Ltd. | Tamil Nadu |
73. | PK Vaduvammal Finance & Investments Ltd.( Presently known as Novel Finance (I) Ltd. | Tamil Nadu |
74. | Panggo Exports Ltd. | Tamil Nadu |
75. | Sai Graha Finance and Engineering Ltd. | Tamil Nadu |
76. | Shyam Printers & Publishers Ltd. | Tamil Nadu |
77. | AVR Securities Ltd. | Tamil Nadu |
78. | Global Blooms India Ltd. | Tamil Nadu |
79. | Rizvi Exports Ltd. | Uttar Pradesh |
80. | Shefali Papers Ltd. | Uttar Pradesh |
81. | Siddhartha Pharmachem Ltd. | Uttar Pradesh |
82. | Vidiani Agrotech Industries Ltd. | Uttar Pradesh |
83. | Asian Vegpro Industries Ltd | West Bengal |
84. | Kiev Finance Ltd. | West Bengal |
85. | Oriental Remedies and Herbals Ltd. | West Bengal |
86. | SSK Fiscal Services Ltd. | West Bengal |
87. | Saket Extrusions Ltd. | West Bengal |
******************
Vanishing companies: failure to maintain offices, trace directors or file statutory returns prompts enforcement and prosecutions. Identification of vanishing companies rests on failure to maintain a registered office, non traceability of directors, and non filing of statutory returns or listing obligations after raising funds through an Initial Public Offer. The Ministry reported follow-up measures including prosecutions for misstatements and fraud, lodging of police FIRs to trace companies and directors, and outcomes ranging from regularisation of filings to liquidation, with a state wise annexure listing companies still identified as vanishing. of Press 'Enter' after typing page number.
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