Demonetisation: Got details of 5800 companies involved in suspicious transactions, claims govt

Demonetisation: Got details of 5800 companies involved in suspicious transactions, claims govt”

The government has received data from 13 banks on accounts that are a part of the 2 lakh companies deregistered earlier this year. From a balance of Rs 22 crore during the pre-demonetisation days, these accounts saw a credit of Rs 4,573 crore post-demonetisation, nearly all of which was withdrawn too. Ministry of Company Affairs informed that he has got information of bank transactions of 5,800 companies out of those 2 lakh 9 thousand 32 suspected companies whose registrations have been canceled.

"It may be recalled that after being struck off, operation of the bank accounts of these 2,09,032 suspicious companies were restricted for discharge of their liabilities only", the government said in a release on Friday.

With loan accounts, there was a negative opening balance of Rs 80.79 crore.

Section 248 of the Companies Act - which is implemented by the corporate affairs ministry - provides powers to strike off names of companies from the register on various grounds including for being inactive for long. Most of the other accounts identified also had very little or negative balance on November 8 in multiple accounts.

Amid the government's crackdown on black money, as many as 5,800 shell companies have come under the scanner for having a miniscule or negative balance on November 8, followed by substantial deposits and withdrawals post demonetisation.

In Bank of Baroda, 1,701 companies had opened 8,633 accounts.

The investigative agencies have been asked to complete necessary investigation in a time-bound manner.

The Ashwin Vanaspati India Pvt Ltd held 915 bank accounts, the Anujay Exim Pvt Ltd 313 accounts while the Radhakrishna Payal Bhandar had 298 bank accounts which showed suspicious transactions after demonetisation.

The Canara Bank has given a list 717 companies and 784 accounts.

The government said disturbing factors have emerged from the information shared by banks.

After separating loan accounts, these companies had a meagre balance of Rs 22.05 crore to their credit before 8th November, 2016.

"It needs to be re-emphasized that this data is only about 2.5% of the total number of suspected companies that have been struck off by the Government".

Following note ban, a sum of Rs 3,972 crore was deposited in these accounts from which Rs 3,794 was withdrawn. If the non-compliance continues, the RoC will derecognise them.

For example, in one of the Banks, 429 companies with zero balance each as on November 8th, 2016 deposited and withdrew over Rs 11 crore and left again with a cumulative balance of just Rs 42,000 on the date of freezing. The companies withdrew Rs 249 after de-recognition from the accounts before they were frozen.

Like this


06 October 2017
How a bump stock modifies a semi-automatic firearm
The " bump stock " essentially uses the force of the gun's recoil after a shot is fired to trigger another shot nearly instantly. The bill has the support of dozens of Democrats but no Republicans as of Thursday afternoon.

06 October 2017
Aware of Catalonia unilateral independence
Catalan leader Carles Puigdemont will speak in the regional parliament next Tuesday, a parliamentary spokeswoman said on Friday. Puigdemont and other Catalan leaders have said they are not afraid of going to jail over their independence bid.

06 October 2017
GoPro, Inc. (GPRO) Receives $9.25 Average PT from Analysts
The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link . The company has experienced volume of 2,895,386 shares while on average the company has a capacity of trading 1.97M share.

06 October 2017
Patriots TE Rob Gronkowski (thigh) Expected to Play vs
Updating an earlier item, ESPN's Adam Schefter reports Rob Gronkowski (thigh) will miss Thursday's game against the Bucs. He's had 5 carries for 18 yards and 4 receptions for 49 yards and a touchdown in two games in 2017.

06 October 2017
Stephen Colbert and Nick Kroll raise million dollars with #puberme campaign
You've likely seen a lot of awkward puberty photos recently on social media from famous celebrities with the hashtag #PuberMe.

06 October 2017
The missing bones of Santa Claus may have been discovered in Turkey
Nicholas' birth. "The document also says that the bones that were taken to Bari were actually of some priest". Scholars will now access the temple beneath the church to determine if the body belongs to Saint Nicholas.

06 October 2017
France's Macron says he'll help mediate between Kurds and Iraq after referendum
Haider al-Abadi said in Paris on Thursday that the fight against IS will now focus on the border zone with Syria. Abadi called on Iraqi and Kurdish forces to work together to avoid conflict following the referendum outcome.

06 October 2017
Tennessee residents react to potential gun control
Democratic house leader Nancy Pelosi also called for the ban of the device, as well as other more comprehensive gun legislation. While other GOP members of Congress haven't gone quite that far, we're pleased that other Republicans - including Texas Sen.

06 October 2017
Lookout for Price Target? United Parcel Service, Inc. (UPS), First Bancorp (FBP)
Important Technical Indicators to keep in Focus: United Parcel Service, Inc . (NYSE: UPS ) has an average volume of 2.29 Million. Zacks Investment Research cut United Parcel Service from a "hold" rating to a "sell" rating in a report on Monday, July 17th.

06 October 2017
Fairholme Capital Management LLC Decreases Stake in Sears Holdings Corporation (SHLD)
North Star Inv Mngmt reported 62 shares. 168.80 million shares or 9.84% less from 187.23 million shares in 2017Q1 were reported. California Public Employees Retirement Systems invested in 430,948 shares. 40 funds opened positions while 88 raised stakes.