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"Vanishing companies" can only be listed companies; so far 161 "vanishing companies" have been traced

Capital Market 

The (CMC) has been constituted for those listed companies which had vanished after public issue during the years 1992 to 2005. Out of the 238 listed companies identified as Vanishing Companies, due to the efforts of the Ministry and law enforcement agencies, 161 such companies have been traced and 77 more companies are still in the list of Vanishing Companies.

Action under the Company law as well as Criminal Law are under progress against such companies, their Directors/Promoters.

The companies that were struck-off the Register under Section 248 of the Companies Act, 2013 are not listed companies. Therefore, they do not come under the purview of the definition of Vanishing Companies. The Regional Stock Exchanges have been closed under the Orders of the (SEBI), which does not affect the status of the companies listed therein, except as per procedures/orders of SEBI.

The (CMC) is still active and its 30th meeting was held on 11.07.2017.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, March 14 2018. 10:45 IST