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The Ministry of Corporate Affairs (MCA) is set to strike off up to 400 Chinese companies across 17 states in the next three months due to incorporation and financial frauds, according to a government official. Currently, over 700 Chinese companies are under MCA investigation. Extensive Investigatio
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FAQ :
The MCA plans to strike off between 300 and 400 Chinese companies.
The companies are being struck off due to incorporation-related fraud and financial frauds, including predatory lending practices and violations of financial regulations.
The process under Section 248 of the Companies Act involves sending an initial notice, followed by a second notice if there's no response. Failure to respond leads to the company being struck off.
The companies facing strike-off are located in 17 states, including Delhi, Bengaluru, Uttar Pradesh, Andhra Pradesh, Mumbai, and Chennai.
Yes, over 700 Chinese companies are currently under investigation, with further inquiries ordered for 30-40 mobile screen and battery manufacturers.
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