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Economic & Finance Laws & Registration Laws & Taxes Market Overview

Around 6.83 lakh Companies Shut in India, Most are from Mumbai-Delhi

Around 6.83 Lakh companies shut in India, registered in MCA (Ministry of Corporate Affairs). According to a government report, it is 36 percent of the total registered companies with the MCA. According to this report, there are 18,94,146 companies have been registered with MCA out of them, 6,83,317 have been shut.

However, the government has started a campaign to identify and cancel the registration of those companies which are not filling the return from the last two years. Means the companies which have not submitted financial statements and annual return from the last two years.

The government identify these companies and cancel the registration under the act of 248(1), 2013. In the Financial year, 2017-18, 20% of increment has been noticed in this.

Finance Minister Nirmala Sitharaman has said that Mumbai and Delhi are on the first in this list in the country where the Mumbai on the top and then Delhi. There are a total number of 1,42,425 companies from Mumbai and 1,25,937 companies from the Delhi included in this list.

The registrar of the company has canceled the registration of around 2,26,166 and 1,12,797 companies in the FY 2018-19.

On the other hand, a Bill passed in the Lok Sabha on a regular basis to establish national-level regulatory, Central Consumer Protection Authority (CCPA) to deal with consumer complaints on the other hand. During this time, the opposition raised objections to several of its provisions.

To pass the Consumer Protection Bill, 2019, the Central Food and Public Distribution Minister, Ram Vilas Paswan, on behalf of the government, has given its side. They emphasized the need to bring a new law to strengthen consumer rights. Paswan said that if the consumer is not satisfied with anything then this bill will clear the way to go to court.

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