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India to deregister over 100,000 companies

2018-January-17       Source: Xinhuanet.com

India has said that it will soon deregister over 100,000 private companies in this country for failing to comply with various statutory compliances.

India has said that it will soon deregister over 100,000 private companies in this country for failing to comply with various statutory compliances.

The latest decision is actually part of the Indian government's ongoing crackdown on corruption and black money, post-demonetisation in November 2016.

"The government is committed to curbing the menace of black money and deregistering these companies is taken in the interest of this country," a senior official said Wednesday.

"For various non-compliances, around 120,000 more companies have been identified for striking-off," the Indian Corporate Affairs Ministry said.

More than 200,000 firms had been struck off from the register of companies till December last year for various non-compliances and being inactive for long.

Indian Prime Minister Narendra Modi had, in a sudden televised address on Nov. 8, 2016, announced the scrapping of higher denomination currency notes.

The aim was to curb the menace of black money and prevent the circulation of fake currency notes among terrorists, the government then said.

Editor: Will

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