Government to deregister 1.20 lakh companies, to clamp down on black money

(Representative Image) Photograph:( Zee News Network )

WION Web Team New Delhi, Delhi, India Jan 17, 2018, 05.16 AM (IST)

In order to curb the black money in the country, the government has decided to strike off the names of 1.20 lakh more companies from the official records.

The is in addition to the 2.26 lakh companies that are already deregistered with over 3.09 lakh, directors getting disqualified. 

The cancellation is based on various non-compliances on part of the companies. 

The decision of the government came after a review meeting chaired by Minister of State for Corporate Affairs PP Chaudhary conducted after the firms were deregistered last week.