Question : VANISHED COMPANIES

(a) whether the Government is planning to make a website of vanishing companies having details of promoters alongwith their photo and assets, to increase awareness among the public;

(b) if so, the details thereof;

(c) whether the Government has a PAN based central system to prevent such people from registering new companies;

(d) if so, the details thereof; and

(e) the measures taken by the Government to address investor`s grievances and save gullible investor from falling into the trap by vanished companies?

MINISTER OF COMPANY AFFAIRS ( SHRI PREM CHAND GUPTA)

(a) & (b): No Sir. However, the Ministry 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.

( c) & (d): No Sir.

(e) 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.