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Press Information Bureau
Government of India
Ministry of Corporate Affairs
13-December-2012 19:40 IST
During the year 2010-11, 2,53,277 companies have not filed their Balance Sheets and Annual Returns. Giving this information in written reply to a question in the Lok Sabha today Shri Sachin Pilot, Minister of Corporate Affairs, said that as per the provisions of Section 220/162 of the Companies Act, 1956 prosecutions are launched by the respective Registrar of Companies against the erring companies. The Ministry of Corporate Affairs has issued guidelines for “Fast Track Exit mode” for defunct companies on 07.06.2011 to enable the striking off of the names of such companies under section 560 of the Companies Act, 1956.
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KKP
Fast Track Exit mode enables striking off of defunct companies while prosecutions proceed under company law provisions. Registrars initiate prosecutions under the Companies Act against companies that do not file Balance Sheets and Annual Returns, while the Ministry of Corporate Affairs has issued guidelines for a Fast Track Exit mode to enable striking off of defunct companies from the register through an expedited administrative procedure. of Press 'Enter' after typing page number.
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