Government Received 537 Complaints Against Sahara Q Shop
Following the complaints, the ministry has ordered inquiry, he added.
"The ministry has received 537 complaints till date against Sahara Q Shop Unique Products Range Ltd of Sahara Group for not returning the matured amount to investors," Chaudhary, who is the Minister of State for Corporate Affairs said.
Vanishing companies are those firms which cease to file their statements of return after raising capital, and whereabouts of their registered office or directors are not known.
"Due to the continuous efforts of the ministry, 129 companies have been traced and are now regular in filing statutory returns. Further, 32 vanishing companies were under liquidation proceedings," the minister said.
The Registrars of Companies have initiated legal action against their promoters and directors in respect of the vanishing companies, he added.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)