Post demonetization-one company found with 2134 bank accounts – MCA Press Release

Post demonetization-one company found with 2134 bank accounts another deposited-withdrew Rs 2484 crores. Over Rs 17000 crore deposited-withdrawn.

Recently the Ministry of Corporate Affairs had striked off more than 2 lakhs of companies for remaining inactive for a period of two (2) years or more.

Now, MCA vide a press release issued today has informed that following the action of striking-off defaulting companies, restrictions have been imposed on operation of their bank accounts in accordance with the law. Further, Preliminary Enquiry on the basis of information received from 56 banks in respect of 35,000 companies involving 58,000 accounts has revealed that an amount of over Rs. 17,000 crore was deposited and withdrawn post demonetization. In one case, a company which had a negative Opening Balance on 8^th November, 2016, deposited and withdrew Rs.2,484 crore post-demonetization.

Apart from the restrictions on bank accounts, action has also been taken to restrict sale and transfer of moveable and immoveable properties of struck-off companies until they are restored. The State Governments have been advised to take necessary action in this regard by disallowing registration of such transactions.

Interestingly as per the press release, one company was found to have as many as 2,134 bank accounts. As per MCA, the information with respect to such companies have been shared with enforcement authorities, including Central Board of Direct Taxes (CBDT), Financial Intelligence Unit (FIU), Department of Financial Services (DFS) and Reserve Bank of India (RBI) etc., for further necessary action. Companies have also been identified for inquiry/inspection/investigation under the Companies Act, 2013 and necessary action is underway.