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The finance ministry on Tuesday restricted directors of around 200,000 dormant companies struck off official records from accessing their firms’ bank accounts.
The move is a precautionary measure aimed at preventing misuse of the bank accounts, said a finance ministry official who spoke on condition of anonymity.
A large section of these firms may have failed to comply with the requirement of submitting annual reports and other filings as their businesses had failed to take off. Some of them have come under the scanner of the income-tax department for suspected money laundering and stock price manipulation.
The firms have been removed from the records of the Registrar of Companies (RoC) under section 248 of the Companies Act for reasons including not commencing operations within a year of incorporation or for not carrying out any business in the preceding two fiscal years.
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