Of 77 ‘vanishing companies’ yet to be traced by the Ministry of Corporate Affairs (MCA), around 14 — the second highest number in the country after Ahmedabad — are from Hyderabad.Vanishing companies are those that have raised money through an IPO and have failed to comply with the listing requirement and are not traceable. MCA could trace only 161 companies of total 238. The 14 companies from Hyderabad collected between 1.5 crore to Rs5 crore each from public. 65408715 Joint Coordination and Monitoring Committee of MCA and Securities and Exchange Board of India have not identified new firms, as vanishing companies, in three years. The committee identified around 238 firms that disappeared after public issue between 1992-2005.Aditya Alkaloids Ltd (Rs3.5 crore), Canara Credit Ltd (Rs2.5 crore), Daisy Systems Limited (Rs1.3 crore), Deccan Petroleum Ltd (Rs4.57 crore), Imap Technologies (Rs1.8 crore), Kisha Impex (Formerly Kamakshi Housing Finance Ltd.)(Rs5.7 crore), Orpine Systems Limited (Rs2.7 crore) are in the list of vanishing companies from Hyderabad. The record further include Raam Tyres (formerly Chhakri Tyres & Tubes or Rhino Tyres) Rs9.6 crore, Sai Graha Finance and Engineering (Rs4 crore), Sequel Soft India (information not available), Sibar Media and Entertainment Limited (Rs3.5 crore) Sibar Software Services (Rs3.5 crore), Swal Computers Limited (Rs2.6 crore), Visie Cyber Tech (Rs 1.40 crore) are from Hyderabad. Hyderabad registrar of companies began prosecution under Companies Act and registered FIRs under cheating sections of IPC. Prosecution for non-filing of returns and non-maintenance of registered office address were initiated against companies.
from The Economic Times https://ift.tt/2MKLM3f
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