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As per the information available on the website of the Ministry of Corporate Affairs (MCA), Government of India, a company would be deemed to be a vanishing company, if it is found to have:
- Failed to file returns with Registrar of Companies (ROC) for a period of 2 years;
- Failed to file returns with Stock Exchange (SE) for a period of 2 years (if it continues to be a listed company);
- It is not maintaining its registered office at the address notified with the ROC / SE; and
- None of its Directors are traceable.
MCA has clarified that all the conditions mentioned above would have to be satisfied before a listed company is declared as a vanishing company. Further, the conditions mentioned at (1), (3) & (4) would suffice to declare a company as vanishing if such company has been de-listed from the SE.
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This alone shall never achieve the stated purpose. The authorities (not certainly from the IAS/CSS in particular) must obtain on regular basis information from the Income Tax Deptt. about the details of cases where the AOs fail to serve notices on the companies shown as creditors in the accounts of tax payers, especially in those cases where files were opened to falsely claim IT refunds with bogus documents in the names of persons of no means/non-existent persons/bogus addresses, etc. For a change, let the ROCs cooperate with the IT Deptt. wholeheartedly without reservation and not stand on “status”/powers.