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India – Do you know Gujarat tops in ‘vanishing companies’ ?

HIGHLIGHTS

As many as 160 companies were deleted from the list after they were subsequently traced, while 78 companies remained untraced.

As many as 160 companies were deleted from the list after they were subsequently traced, while 78 companies remained untraced. (AFP photo)

  • 17 Gujarat companies went untraceable after raising Rs 312 crore from investors
  • Gujarat, at 17, has the maximum number of such firms
  • Other such companies include 13 in Andhra, 10 in TN and 9 in Maharashtra while WB, MP and Delhi have 5 vanishing

 

 

Gujarat had the highest number of companies — 17 out 78 in the country — that went untraceable after raising Rs 312 crore from investors, Parliament was informed on Friday. Other entities are from Tamil Nadu, Maharashtra, Madhya Pradesh, West Bengal, Uttar Pradesh, Odisha and Punjab. These companies failed to file documents and balance sheets after raising funds through public issues and are untraceable.

Cumulatively, these 78 vanishing companies have raised about Rs 312 crore. Gujarat, at 17, has the maximum number of such firms. Other such companies include 13 in Andhra Pradesh, 10 in Tamil Nadu and 9 in Maharashtra. Besides, West Bengal, Madhya Pradesh and Delhi have 5 vanishing firms each. A total of 238 companies were initially identified by the Ministry of Corporate Affairs as ‘vanishing companies’, which raised money through public issues, Minister of State for Corporate Affairs Arjun Ram Meghwal said in a written reply to the Lok Sabha.

Of these, 160 companies have been deleted from the list as they were subsequently traced. As many as 78 companies remained untraced. Besides, the ministry has ordered probe into the affairs of 185 companies through Serious Fraud Investigation Office (SFIO) in more than three financial years. These includes 24 firms in the current fiscal. These firms were allegedly running illegal chit-fund, ponzi and multi-level marketing entities. Also, they were involved in unauthorised collection of funds from the public, Meghwal said.

Gujarat companies that defaulted

» Aashi Industries Ltd (Issue size Rs 5.52crore)
» Bhavna Steel Cast Ltd (Rs 2.10 crore)
» Genuine Commodities Development Co Ltd (Rs 2.68 crore)
» Growth Agro Industries Ltd (Rs 5.40 crore)
» Kesar Greenfield International Ltd (Rs 5.69 crore)
» Layons Industrial Enterprises Ltd. (Rs 6.37 crore)
» Manav Pharma Ltd (Rs 5.30 crore)
» Marine Cargo Company Ltd (Rs 3.41crore)
» Naturo-Pest Ltd (Rs 4.84 crore)

» Nishu Fincap Ltd (Rs 4.25crore)

» Pur Opale Creations Ltd (Rs 6.78 crore)

» Protech Circuit Breakers Ltd (Rs 2 crore)

» Protech Switchgears ltd. (Rs 2 crore)

» Shree Yaax Pharma and Cosmetics Ltd (Rs 6.06 crore)

» Spil Finance Ltd (Rs 5.70 crore)

» Sushil Packagings (India) Ltd (Rs 4.52 crore)

» Top Line Shoes Ltd (Rs 7.8 cr)

courtesy- ahmedabad mirror

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Comment (1)

  1. K SHESHU BABU

    The ‘ vanushing’ of companies reflects sorry state of affairs of the state government. This problem must be investigated.

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