The Ministry of Corporate Affairs has developed an early warning system that would make it easier to tighten the screws on bogus companies. So far, registration of 2,24,000 bogus companies have been cancelled by the ministry and their accounts have been seized. With the new system, bigger and more bogus companies are expected to be caught, Union minister of state, ministry of law and justice and ministry of corporate affairs P.P. Now there are 11 million 16 lakh companies in the country, all of them are being under investigation by the new system. He told that the directors of the big companies have made bogus companies for the use of black money..

Source: dna October 25, 2017 02:37 UTC