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the pre-demonetisation days, these accounts saw a credit of Rs 4,573 crore post-demonetisation, nearly all of which was withdrawn too.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Following note ban, a sum of Rs 3,972 crore was deposited in these accounts from which Rs 3,794 was withdrawn.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.

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