Our Bureau

New Delhi, Dec 8

A Central Co-ordination and Monitoring Committee has been constituted to look into issues relating to vanishing companies and their promoters and to monitor the progress of action against them, Mr Prem Chand Gupta, Minister for Company Affairs, told the Lok Sabha on Friday.

The Government has also taken action against the companies identified and their promoters/directors, including filing FIRs against 102 companies and their promoters/directors for offences punishable under various sections of the Indian Penal Code. In addition, prosecution has been filed under provisions of the Companies Act, 1956 with respect to 107 of a total of 114 companies that remain identified as vanishing companies till date.

Besides, the SEBI has debarred 100 companies and 378 directors from raising money from the capital market in any form for a period of five years.

(This article was published in the Business Line print edition dated December 9, 2006)
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