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More cos fail to file returns

Our Bureau

NEW DELHI, Nov. 6

THE number of companies that did not file annual returns during 1999-2000 were 2,20,370. There were 1,87,770 companies that did not file their annual returns in 1998-99.

Similarly, during1997-98, 174,444 companies did not file their returns with the Registrar of Companies.

According to an official release, the Companies Act, 1956 provides for disqualifying directors of public companies, which have not filed the annual accounts and annual returns for any continuous three financial years commencing on and after the first day of April, 1999, from being appointed directors of other public companies for a period of five years.

During 2000, the Department of Company Affairs (DCA) had launched a scheme, the Company Law Settlement Scheme, wherein companies which defaulted in filing documents in the past could come forward and avail of one time declaration and settlement.

This amnesty scheme was in operation from June 1, 2000 to September 30, 2000.

An amount of Rs 136.83 crore was collected from 1.77 lakh defaulting companies under the scheme.