ALSO READPSU banks wrote off Rs 2.49 lakh cr of loans in 5 years: Finance ministry FinMin in talks with PSBs to assess next 3-year growth, funding plans Band-aid solution After SBI, 4 other govt banks asked to weigh acquisition of smaller peers RBI not reviewing 90-day NPA classification window to help small biz: Govt
Since such Struck off' companies have ceased to exist, action has been initiated to restrict the operation of Bank accounts of such companies. The Department of Financial Services has, through the Indian Banks Association, advised all Banks that they should take immediate steps to put restrictions on bank accounts of such struck off companies. A list of such companies, Registrar of Companies wise, has been published on the website of the Ministry of Corporate Affairs.
In addition to such struck off companies, Banks have also been advised to go in for enhanced diligence while dealing with companies in general. A company even having an active status on the website of the Ministry of Corporate Affairs but defaulting in filing of its due Financial Statement (s) or Annual Return (s) of Particular of Charges on its assets on the secured loan should be seen with suspicion as, prima facie, the company is not complying with its mandatory statutory obligations to file this vital information for availability to its stakeholders.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)