Hello readers, through this post you will aware about the recent news regarding more then Two Lakh Directors Barred From Directorship Due To Co’s Struck Off By ROC. Hope you will share this news with your dear ones. The specific news details are:-
- The Registrar of Companies (RoC) struck off the names of 2.1 lakh companies for not filing tax returns and completing other formalities related to compliance.
- Notices were served to 2.97 lakh companies that had failed to respond to the RoC’s show-cause notice.
- This move will fall hard on the directors who were on the board of these companies. It is expected that at least two lakh directors will be barred from holding any board position in new ventures.
- The law allows the government to bar these directors from taking up any board position for five years.
- ROC will be allowed to fulfil obligations related to the companies whose names have been struck off.
- The existence of non-operative companies or shell companies in the Indian corporate space has been a headache for the government.
- The government has set up a team comprising the Ministry of Corporate Affairs (MCA) and the Revenue Department to crack down on such companies and curb the menace of black money.
Source – The Times of India