MCA disqualifies 106,578 directors associated with shell companies

Members of ICAI, ICSI also being monitored

by Arjit Singh Bhambra

The ministry of corporate affairs (MCA) has identified 106,578 directors for disqualification under Section 164(2)(a) of the Companies Act, 2013 as on 12 September 2017. The disqualified directors will be prohibited from joining any company’s board for a period of five years. The ministry has also initiated action against certain members of the Institute of Chartered Accountants of India (ICAI), Institute of Company Secretaries of India (ICSI), and other such associations involved with shell companies. The ministry is further assessing data available with the Registrar of Companies to identify significant beneficiaries of the shell companies. According to the MCA, this will help in creating an atmosphere of confidence and faith while facilitating the ease of doing business in the country.

References
1. http://pib.nic.in/newsite/erelcontent.aspx?relid=170719
CMIE STATISTICS
Unemployment Rate
Per cent
4.3 +0.0
Consumer Sentiments Index
Base September-December 2015
95.1 +0.4
Consumer Expectations Index
Base September-December 2015
94.8 +0.3
Current Economic Conditions Index
Base September-December 2015
95.5 +0.5
Quarterly CapeEx Aggregates
(Rs.trillion) Sep 16 Dec 16 Mar 17 Jun 17
New projects 2.38 1.50 2.97 1.71
Completed projects 2.23 0.95 1.86 1.12
Stalled projects 0.65 1.01 0.35 2.66
Revived projects 0.91 0.18 0.62 0.29
Implementation stalled projects 0.38 0.82 0.33 0.67
Updated on: 22 Sep 2017 4:20PM
Quarterly Financials of Listed Companies
(% change) Sep 16 Dec 16 Mar 17 Jun 17
All listed Companies
 Income 2.1 6.2 10.2 10.2
 Expenses 1.9 6.3 11.9 10.5
 Net profit 14.6 40.3 16.7 -18.4
 PAT margin (%) 6.9 6.1 6.1 5.4
 Count of Cos. 4,500 4,502 4,424 4,203
Non-financial Companies
 Income 0.6 5.9 11.7 10.8
 Expenses -0.2 7.2 15.5 11.0
 Net profit 26.6 24.5 -2.2 -23.7
 PAT margin (%) 6.9 6.2 6.3 5.3
 Net fixed assets -9.2 7.6
 Current assets 8.1 2.0
 Current liabilities 11.6 8.5
 Borrowings 3.1 4.8
 Reserves & surplus 8.4 6.5
 Count of Cos. 3,481 3,487 3,436 3,285
Numbers are net of P&E
Updated on: 22 Sep 2017 4:30PM
Annual Financials of All Companies
(% change) FY13 FY14 FY15 FY16
All Companies
 Income 12.6 10.0 5.0 1.0
 Expenses 12.8 9.9 5.1 1.2
 Net profit 1.0 -2.2 1.1 -15.2
 PAT margin (%) 3.5 3.2 3.2 3.0
 Assets 14.3 12.3 9.4 8.8
 Net worth 9.6 9.6 8.8 7.7
 RONW (%) 6.8 6.2 6.1 5.3
 Count of Cos. 25,932 23,621 23,131 19,375
Non-financial Companies
 Income 11.9 9.7 4.1 0.0
 Expenses 12.3 9.3 4.3 -0.6
 Net profit -8.4 -2.4 -6.3 6.5
 PAT margin (%) 2.4 2.2 2.1 2.7
 Net fixed assets 12.9 11.6 13.1 13.9
 Net worth 7.9 8.2 7.3 7.0
 RONW (%) 5.5 5.1 4.9 5.6
 Debt / Equity (times) 1.1 1.1 1.1 1.0
 Interest cover (times) 2.1 2.0 1.9 2.0
 Net working capital cycle (days) 72 69 67 67
 Count of Cos. 20,312 18,893 18,620 15,945
Numbers are net of P&E
Updated on: 21 Sep 2017 10:15AM

Time-series available since 2007-08

Growth dropped to 5-quarter low during Q1 2017-18