Pages

Suspend bank accounts of more than 2 million companies, cancel registrations

Suspend bank accounts of more than 2 million companies, cancel registrations
New Delhi: The Central Government has postponed the bank accounts of more than 2 lakh companies with strict action against blackmoney. Their registration has also been canceled. According to the finance ministry, this step has been taken because of rules violation. According to the ministry, the company's registrations have been canceled, the company did not comply with the laws related to the law. What would be the damage to these companies ...

According to the finance ministry, 2,09,032 registered registrations have been canceled. These procedures have been made under section 248 (5) of the Company Act.
After this procedure, the directors and authoritative signatories of these companies have now become X-Directors and X-authorized signatures. This means that these people can not have any transaction from the bank account of the companies until the company is again legally approved.
Such advice to banks