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One Third of Registered Companies Found Defunct, Govt Investigates
November 09, 2018
As the government continues to crack down on shell companies, it found that nearly a third of the registered companies are defunct. These 5.95 lakh companies are struck off although further investigation will be conducted to see if these companies are involved in money laundering.
Government data shows that by the end of August 2018, 6.11 lakh companies were either struck off, shuttered down, or converted into Limited Liability Partnerships (LLPs). These make for roughly 31.2% of the total 17.95 lakh companies registered in India.
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