35 Companies and 65 directors are prosecuted by the Registrar of Companies

Union Minister of State for Corporate Affairs Shri Salman Khurshid informed Mr. Shantaram Naik, in the Rajya Sabha today in a written reply that Registrar of Companies, Goa has filed prosecution against 35 companies and its 69 Directors of non-filing of Balance Sheets and Annual Returns under Section 220 and 162 of the Companies Act, 1956.

The Minister further informed Mr. Naik that violation of mandatory legal provisions by Directors of such Companies have come to the notice of the Registrar of Companies. In case of 129 companies, it is found that they have failed to file Balance Sheets and Annual Returns with the Office of Registrar of Companies, Goa. Daman and Diu.

He further informed Mr. Naik that in case of one public company it is found that it has failed to comply with the provisions of section 165 of the Companies Act, 1956 and has not submitted Statutory Report with the office of Registrar of Companies, Goa.

Mr. Khurshid further informed Mr. Naik that in all 484 companies were registered in Goa in the 2007-2008, 344 in the year 2008-2009 and 286 in the year 2009-2010.

Explaining the procedure for incorporation companies by foreign nationals/NRIs, minister said that promoters have to apply for name of the company by way of filing form 1A furnishing the names of addresses of promoters/directors. After getting the name approved from the Registrar of Companies, promoters are required to prepare registration documents like Form 1 Form 18, Form 32, Memorandum of Association (MOA), Articles of Association (AOA)

If the foreigner promoters intend to incorporate the company without visiting India, then they have to sign the MOA, AOA before the Notary in the country of their origin and subsequently to be apostatised by the Indian Embassy situated in that country of the origin as per the Hague Apostille Convention 1961, he said.

The Minister further informed Mr. Naik that if the foreigner directors are visiting Indian, they have to write the foreign address and Indian address, description and occupation in the MOA, AOA in presence of witness in terms of Section 15 and 30 of the Companies Act, 1956 and also to submit copies of the passport and visa and also, if required, in original for verification