MCA will crack down 3 dozen companies - VRGyani News and Media


Tuesday, December 18, 2018

MCA will crack down 3 dozen companies

Ministry of corporate affairs has set up a panel to probe into 3 dozen companies which have taken deposits from public amounting thousands of crores but have failed to repay them.

The list of comapnies include following companies

  1. Pratibha Industries

  2. Valecha Engineering

  3. Yash Birla Group


These companies have duped millions in amount from public. If the directors are found guilty after the inquiry, they can be permanently disqualified. National Company Law Tribunal can also seize the properties and assets of companies. the investigation can also include Serious Fraud Investigation Office for further probe.

Valecha Engineering has duped an amount of over 50 Crores from over 5000 investors. Pratibha Group has also borrowed 50 crores from investors and failed to r

epay them. Yash Birla Group has also been booked in same offence but not for the first time. Yash Birla Group is facing a 350 crore cheating case in Mumbai. It is also under radar of Ed and IT departments.

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