"In the past, we noticed that some of the de-registered companies continued to enjoy access to banking services due to lack of information flow. Along with the Enforcement Directorate , the FIU has powers to implement the provisions of the PMLA.Income tax authorities too are scanning the information, with sources indicating that some companies could face action under the law against benami property. But some of the dormant entities suddenly got active during demonetisation and the money laundering and benami property-related investigations and actions would be confined to them.Addressing chartered accountants on Saturday, Modi had said more than 3 lakh companies were under suspicion. The MCA had sent notices to at least another two lakh companies that had not filed returns. Even in case of the one lakh companies which have been de-registered, time was given to respond and it has been done in line with the law," a source said.While acting against dodgy companies, the MCA had initiated several steps to make life simpler for genuine companies, sources insisted, while listing out a series of steps from registration to name selection and new guidelines for mergers.

Source: Times of India July 02, 2017 20:27 UTC