HYDERABAD: Registrar of Companies (ROC) officers on Wednesday introduced inspections at a small place of business right here and stumbled upon 114 shell companies working from there with an insignificant 25 staff. Majority of the entities are owned by means of family members of B Ramalinga Raju, notorious for the Satyam rip-off.
The tiny place of business in Fortune Monarch Mall, Jubilee Hills, is the registered cope with of SRSR Advisory Services Private Limited, a monetary products and services company. ROC is undertaking inspections in six places in Hyderabad, most of which might be connected to Raju and his family.
An ROC official stated, “Based on directions from ministry of company affairs, we verified the registered cope with with an ‘unnatural quantity’ of companies — the very best ever reported in Andhra Pradesh and Telangana. According to laws, someone is usually a member of 20 registered companies. We are checking whether or not this rule has been violated as the same folks figure as directors in lots of of those companies.”
Post-Satyam rip-off in 2009, CBI and ED had filed chargesheets against these companies.
“The chargesheets filed by means of ED and CBI against these corporations are separate problems. We are taking a look into shell companies’ perspective,” stated the ROC official.
SRSR Advisory Services officers stated, “All these companies are named in CBI and ED chargesheets. ED has attached property. The companies are lively, however no longer operational. We had been filing zero steadiness sheets for most. We can’t shut these companies because the property will probably be returned to them if instances against them are struck down. As SRSR Advisory Services is an accounting company helping these companies, they are all performing from the same cope with. It is not an offence to have many companies at the identical cope with.”
The tiny place of business in Fortune Monarch Mall, Jubilee Hills, is the registered cope with of SRSR Advisory Services Private Limited, a monetary products and services company. ROC is undertaking inspections in six places in Hyderabad, most of which might be connected to Raju and his family.
An ROC official stated, “Based on directions from ministry of company affairs, we verified the registered cope with with an ‘unnatural quantity’ of companies — the very best ever reported in Andhra Pradesh and Telangana. According to laws, someone is usually a member of 20 registered companies. We are checking whether or not this rule has been violated as the same folks figure as directors in lots of of those companies.”
Post-Satyam rip-off in 2009, CBI and ED had filed chargesheets against these companies.
“The chargesheets filed by means of ED and CBI against these corporations are separate problems. We are taking a look into shell companies’ perspective,” stated the ROC official.
SRSR Advisory Services officers stated, “All these companies are named in CBI and ED chargesheets. ED has attached property. The companies are lively, however no longer operational. We had been filing zero steadiness sheets for most. We can’t shut these companies because the property will probably be returned to them if instances against them are struck down. As SRSR Advisory Services is an accounting company helping these companies, they are all performing from the same cope with. It is not an offence to have many companies at the identical cope with.”
1 room, 114 shell companies: Shocker from Satyam Raju kin in Hyderabad
![1 room, 114 shell companies: Shocker from Satyam Raju kin in Hyderabad]()
Reviewed by Kailash
on
July 26, 2018
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