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Regulatory Bodies & Rulings
Vanishing cos: Govt hires legal professionals
Our Bureau
New Delhi
,
Dec. 9
THE Minister of Company Affairs, Mr Prem Chand Gupta, on Friday informed the Lok Sabha that legal professionals are being engaged in all cases filed against the vanishing companies and their promoters and directors.
These professionals are engaged from the panels' approved or maintained by the Department of Legal Affairs, Ministry of Law and Justice, at various locations throughout the country as per requirement, the Minister said. While 16 legal professionals have been appointed in the northern region, 10 each in the western and southern regions, and three in the eastern region.
The legal professionals have been engaged to pursue these cases as per requirements, the Minister informed adding, however, the Ministry has already issued instructions for engaging "Senior Government Counsels" in cases of companies having vanished after mobilising funds to the tune of Rs 5 crore or above.
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Ministry of Company Affairs may widen investigation base
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