How to Check the Status of Struck-Off Companies in India

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sources of financial information

On March 24, 2021, MCA introduced disclosure requirements regarding financial statements of companies which are effective from April 1, 2021. Details to be disclosed in such case are Name of the struck off company, Nature of transactions with company, Balance outstanding and relationship with the struck off the company.

The financial statements are meant to be prepared in accordance with Schedule III (‘Schedule’) to the Companies Act, 2013 (‘Act’). On March 24, 2021, MCA introduced more elaborative disclosure requirements regarding financial statements of companies which are effective from April 1, 2021 i.e. for financial statements prepared for FY 2021-22 (Notification Copy Attached in Files Segment).

One such requirement is disclosure of transactions with companies struck off by Registrar of Companies (‘RoC’) under section 248 of the Act, or under section 560 of the Companies Act, 1956.

The following particulars are to be disclosed in such case:

  1. Name of the struck off companies
  2. Nature of transactions with company
  3. Balance outstanding and relationship with the struck off the company.

The transaction can be in the

  • nature of investment in securities,
  • receivables,
  • payables,
  • shareholding of the struck-off company in the company and
  • any other outstanding balances.

Practical difficulties in disclosures

The disclosure requirements of transactions with companies the name of which has been struck off is too vigorous since it requires too much background work to be done on the end of companies. Further, MCA has been issuing circulars containing names of companies which have been struck off. The companies will literally have to struggle through such a cumbersome and tedious task to find out one name among the thousands as issued by MCA. In addition these Documents provided by MCA are in Scanned document format which adds more difficulties.

There are some more practical complications that needs to be highlighted where the name of the company, that has been struck off, as available in records of the company may not match with the one mentioned in MCA’s list:

  • Such company has merged with some other company
  • Such company has changed its name
  • Such company might have converted itself to some other kind of entity like LLP

Going further, even in terms of volumes, there are a bunch of companies with whom a company transacts in its course of business. Tracing each one of them and identifying those which has been struck off seems to be a next to impossible task for a lot of companies.

Solution:

MCA is asking companies to search for the dead man but the dead man isn’t waking up. There might be cases where the name/identity of the dead man would have already been extinguished or changed during its lifetime. We understand that the intent of the Government is to read out all the struck-off companies from the database of corporates.

To effectively meet this purpose, Finanvo has come up with the digital database of Strike Off Companies in India and will facilitate companies to search data at one place through Finanvo.

List of Strike Off Companies Data for the Year is Available through CSV, JSON or PDF Format.

Services provided by Finanvo

  1. A complete List of Strike off Companies in CSV / Excel Format
  2. Company PAN to Name to CIN, Company Status
  3. Company Name to CIN

List Of Companies Struck-Off By RoCs (STK-7) U/S 248(5) – CA,13
Companies located in India and having status as Strike Off
Companies struck off u/s 248
Under Process Of Strike Off (5067) – List of Companies

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  1. […] complete List of Struck off Companies with Complete Master Data of Company in CSV / Excel […]