1 lakh deregistered companies to face more heat


NEW DELHI: The government is launching a multi-pronged offensive against one lakhcompanies that have been de-registered+ , including action against those for violating taxation and money-laundering laws as well as choking their access to banking.

A day after Prime Minister Narendra Modi’s announcement that the ministry of corporate affairs (MCA) had struck off names of these companies, sources told TOI that all directors on the boards of these companies would be barred from similar positions on other corporate boards for five years, which is in line with the provisions of the Companies Act.

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Credit: timesofindia.indiatimes.com