more-inThe chartered accounting fraternity and lawyers have said they are unclear as to how Prime Minister Narendra Modi has linked certain alleged “suspicious and questionable operations” following demonetisation to the cancellation of registration of one lakh companies by the government — and that too, “with one stroke of a pen in one minute.”“The fate of one lakh companies has been locked with one stroke of a pen in one minute. The Registrar of Companies (RoC) has removed these one lakh companies. Not unusualSources pointed out that there is nothing unusual about striking off names of companies from the ‘register of companies’. The government had in December last year notified the Companies Act provisions for striking off the names of companies. In April this year, the government (RoCs in several States and union territories) had issued show cause notices to over two lakh companies under the Companies Act for striking off their names.

Source: The Hindu July 02, 2017 16:52 UTC