161 'vanishing companies' traced so far: Minister
(1 month ago)
New Delhi, March 13 : The government has so far traced 161 "vanishing companies" against which action has been initiated under the company law as well as criminal law, Parliament was told on Tuesday.
The government had constituted the Coordination and Monitoring Committee (CMC) for those listed companies which had vanished after public issue during the years 1992 to 2005.
"Out of the 238 listed companies identified as 'vanishing companies', due to the efforts of the Ministry and law enforcement agencies, 161 such companies have been traced and 77 more companies are still in the list of vanishing companies," Minister of State for Corporate Affairs P.P. Chaudhary told the Rajya Sabha in a written response.
He said action was under progress against such companies as well as their directors and promoters.
The CMC is still active and its 30th meeting was held in July last year, the Minister added.