Vanishing Companies identified and prosecuted
Prosecutions have been initiated against 107 fraudulent companies and their promoters/directors under the relevant provisions of the Companies Act, 1956. As on date, 114 companies have been identified as vanishing companies. Originally 229 companies were listed in the vanishing category.
Government has launched prosecutions against 94 companies for non-filing of statutory returns. The cases are pending before different High Courts for decision.
Surely there must be Central Excise arrears pending against most of these companies.