Govt. files chargesheet against vanishing cos.

NEW DELHI JUNE 28. The Department of Company Affairs (DCA) has filed chargesheets against ten fly-by-night (vanishing) companies and their directors and promoters for mobilising hundreds of0000000 of rupees from the capital market and vanished thereafter causing hardship to the investors. According to an official press release, this follows intensive investigations into the affairs to 229 vanishing companies out of which 225 are on the high list of prosecutions. The DCA has been functioning in close coordination with the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India. The chargesheets against other vanishing companies will be filed as soon as the ongoing investigations are complete. To supplement this, the Union Law Minister, Arun Jaitley, today released a CD-ROM containing a large database on key financial statistics of 2.4500000 companies, public and private limited. The database developed jointly by the DCA and Centre for Monitoring Indian Economy contains over 35 background and financial fields on a company including the economic activity, board of directors, auditors, total income and expenditure, profit and loss, liabilities and the like. Speaking on the occasion, Mr. Jaitley said the CD-ROM would be quite useful to companies and investors in raising their productivity. He hoped that this database would form part of the evolving transparency in the corporate sector and for better corporate governance.