Lok Sabha
The Ministry of Company Affairs has placed the details of vanishing companies and names and addresses of their promoters/directors on its website www.mca.gov.in for wider public information.
A central Coordination and Monitoring Committee, co-chaired by Secretary, Ministry of Company Affairs and Chairman, SEBI has been set up to look into issues relating to vanishing companies and to monitor the progress of action taken against them.
Besides taking action against these companies and their promoters/directors under the Companies Act and the Indian Penal Code, the Ministry is implementing an e-Governance project under which the identity of directors has been built in through the introduction of a Director Identification Number (DIN).
In addition, the Ministry has also sponsored another website known as www.watchoutinvestors.com, under Investor Education and Protection Fund (IEPF), which is a national registry of economic defaulters.
This information was given by Shri Prem Chand Gupta, Minister of Company Affairs in reply to the questions raised by Shrimati Maneka Gandhi and Shri Raghunath Jha in Lok Sabha today.
BY/BS-30/06
(Release ID :17645)