>Public Notice to Investors of Vanishing Indian Companies

The Capital Market Boom of 1993-94 and 1994-95 witnessed a large number of companies tapping the capital market through public issues. However, some companies which had raised funds by making public issues, later vanished with the investors’ money.

With a view to bringing such vanished companies into book, action was initiated against them by the Central Government in coordination with the State Governments. FIRs have been filed under the relevant provisions of Indian Penal Code in addition to prosecutions for violation of various provisions of the Companies Act, 1956 in a number of cases. Action against these companies is also being regularly monitored through a Coordination and Monitoring Committee comprising of the representatives of Ministry of Company Affairs and SEBI.

The investigation process can be expedited and made more effective, if aggrieved persons, to whom wrongful loss has been caused by these companies, come forward to assist the initiative against such companies. The details of the companies against whom FIRs have been filed are given through this public notice. Individual investors/NGOs/Associations of investors who are aggrieved by the actions of these companies may submit their specific complaints against the company concerned either to the concerned Registrar of Companies or to the Police Station where FIR has been filed in this behalf.

To see the full report: PUBLIC NOTICE