The Securities and Exchange Board of India (SEBI) has released a list of nine defaulters who have failed to pay up penalties imposed by the regulator. The list, published by SEBI, is different from the list of corporate bank defaulters. Several companies mentioned in the SEBI list have reportedly gone 'missing' and untraceable. All nine entities have their last known address at Mumbai, as per an advertisement published by SEBI in a newspaper. Only one company, ACI Infocom Ltd, is listed on BSE and, last month, had intimated a change in its registered address to BSE.
The matter came to light when SEBI's recovery officers attempted to serve the notices of demand on these defaulters against whom the recovery certificates had been drawn up.
Some of the defaulters, who have to cough up unspecified dues, have been missing for the past nearly two years, while others have been untraceable for the past two weeks from one or multiple addresses available on records. The reason for publishing the information is that SEBI has not been able to serve demand notices on these companies to recover penalties imposed on them.
MYNK1906 Industries India Ltd, formerly known as Meuse Kara & Sungrace Mafatlal Ltd, has three last known addresses, one at Vile Parle and two in south Mumbai. The company was incorporated as Suryamukhi Trading & Finance Ltd and changed its name to Bio Green Industries Ltd in January 2007. In March 2012, its name was again changed to Meuse Kara Sungrace Mafatlal. Subsequently, in December 2013, its name was changed to MYNK1906 Industries.
Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
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One of the pernicious amendments made to the Income Tax Act was to do away with the provision of requirement of obtaining an Income Tax Clearance Certificate for various purposes, including for obtaining loans, etc. While it was imperative to link it with the process of capital issues, the then govt thought it necessary (for political purposes) to remove the entire process of obtaining tax clearance certificates, ostensibly on the grounds of the widespread corruption in this area.
This apart, filing of ITRs is now mandatory for all corporate bodies. The fact that these missing operators are not traceable could have been verified from the tax authorities who could have been of help in tracing these professional crooks inter alia through their Auditors whose signed audit reports must invariably be available with the tax department.
From a reading of this story it would appear that all this happened as per a scripted plan for the authorities to start action after the horses flee the stable!
This menace needs a coordinated and holistic approach by a band of impeccably incorruptible people--unlike the high profile ICICI actors now in the news.