Professional Documents
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Show-cause Notices
didnt want to be named. That refers
From Page 1 to the use of accounting entries
among a plethora of companies alle-
PROPERTY ANCILLARIES PLOTS FOR SALE Corporate affairs ministry data gedly used to launder money or win
show that at the end of April, 642 in- government contracts, which are
dividuals were in violation of the li- subsequently given as sub-contracts
COMMERCIAL mit, holding directorships in a total to other units in the network.
STOCKS & SHARES PREMISES 17,418 companies, which translates Industry welcomed the ministrys
FOR SALE into an average 27 board members- move. Leveraging technology to
hips each, exceeding the limit presc- detect and punish defaulters was
PUNE ribed under the Companies Act. only waiting to happen, said SN
MACHINERY Half of these persons are based in Ananthasubramanian, former
& TOOLS and around Kolkata, followed by president of the Institute of Com-
Mumbai, Delhi and elsewhere. pany Secretaries of India. This will
Show-cause notices sent by the re- hopefully deter professionals and
gistrars seem to have made an im- promoters from indulging in what
pact though. The latest informa- could be described as financial and
tion from Bengaluru-based Zauba corporate deception, he said.
Technologies, which provides data The existence of multiple director
based on publicly available corpo- identification numbers (DINs) and
PRELISTED Ownership
Prop. for sale @ fort running rate records, shows the total num- multiple directorships shows that
FINANCE BUSINESS nationalised bank ATM,5min ber of directors exceeding the limit provisions of the Companies Act
from Bombay Stock Exchng,
PROPOSALS Good Returns 9820260225. at 500 in 15,390 companies. have been violated in the absence
The ministry had issued a public of exemplary penal action, he said.
notice last month, observing that se- Some experts feel that those who
PROFESSIONAL INDUSTRIAL veral persons had been found to be certified the e-forms should also face
JOB SEEKERS PREMISES functioning as directors in more action. At a time when the govern-
than 20 companies in violation of ment is promoting self-regulation,
Section 165(1) of the Companies Act. professionals like chartered accoun-
TOURS & TRAVELS All such individuals were given 30 tants and company secretaries who
MUMBAI PROPERTIES days to comply with the rules. certify their documents should also
These are largely cases involving be stopped from adopting unscrupu-
paper (shell) companies created for lous practices, lest they lose their pri-
CHEMBUR the purpose of jama kharchi, said a vilege, said the head of compliance
SITUATIONS practising company secretary, who at a leading bank.
LOANS BUSINESS OFFERS WANTED
UNSECURED/ Secured
BE + MBA + Six Sigma MBB