Vanishing Companies.

Press Information Bureau

Government of India

Ministry of Corporate Affairs

17-August-2012 16:22 IST

Vanishing Companies

Minister of State for Corporate Affairs Shri R.P.N.Singh has informed the Lok Sabha that No company has been identified as vanishing company in the last three years.

A total of 238 companies were initially identified as vanishing companies, out of which 151 companies have since been deleted from the list as the criteria for treating a company as vanishing is no longer applicable to them. As such, only 87 companies remain as vanished. The State-wise break up of these 87 vanished companies is enclosed as Annexure-I. FIRs have been lodged against all these 87 vanished companies and their directors with the Police to trace their whereabouts.

Companies which had raised funds through Initial Public Offer were identified as Vanishing Companies for:

(i) Non-maintaining of their registered office;

(ii) Non-traceability of directors; and

(iii) Non-filing of statutory returns/ listing requirements with the concerned Registrars of Companies/ Stock Exchanges for a period of 2 years.

The Minister was replying to a written question in the Lok Sabha today.

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