2.53 Lakh Companies Did Not File Financial Statements in 2010-11

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NEW DELHI: More than 2.5 lakh companies failed to furnish their financial statements and other filings in the fiscal year 2010-11, Parliament was informed on Thursday.

“During the year 2010-11, 2,53,277 companies have not filed their balance sheets and annual returns,” Corporate Affairs Minister Sachin Pilot said in a written reply to the Lok Sabha.

He further said that prosecutions are launched by the respective Registrar of Companies against the erring firms.

The number of new companies getting registered in India has been rising for the past few years and official data showed that there were about 9.75 lakh companies in India till September 2012.

In 2011-12 alone, about one lakh new companies were registered. These entities were mainly from sectors such as business services, trading, construction and real estate.

The Ministry, in August, had said that more than 1.4 lakh companies are lying dormant, with Maharashtra accounting for the largest number of such entities, followed by Delhi and Andhra Pradesh.

Replying to another question, Pilot said the ministry has issued guidelines for ‘fast track exit mode’ for getting these defunct companies de-registered.

(PTI)

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