HYDERABAD: Registrar of Companies (ROC) officials on Wednesday launched inspections at a small place of job right here and stumbled upon 114 shell firms operating from there with a trifling 25 employees. Majority of the entities are owned by way of members of the family of B Ramalinga Raju, infamous for the Satyam scam.
The tiny place of job in Fortune Monarch Mall, Jubilee Hills, is the registered address of SRSR Advisory Services Private Limited, a financial services firm. ROC is undertaking inspections in six locations in Hyderabad, maximum of which are linked to Raju and his family.
An ROC legit said, “Based on directions from ministry of corporate affairs, we verified the registered address with an ‘unnatural quantity’ of companies — the very best ever reported in Andhra Pradesh and Telangana. According to rules, somebody can be a member of 20 registered firms. We are checking whether or not this rule has been violated as the same folks figure as administrators in lots of of those firms.”
Post-Satyam scam in 2009, CBI and ED had filed chargesheets against these firms.
“The chargesheets filed by way of ED and CBI against these firms are separate issues. We are looking into shell firms’ angle,” said the ROC legit.
SRSR Advisory Services officials said, “All these firms are named in CBI and ED chargesheets. ED has hooked up property. The firms are lively, however no longer operational. We were submitting 0 stability sheets for most. We can’t shut these firms because the property will be returned to them if cases against them are struck down. As SRSR Advisory Services is an accounting firm helping these firms, they're all performing from the same address. It is not an offence to have many firms at the identical address.”
The tiny place of job in Fortune Monarch Mall, Jubilee Hills, is the registered address of SRSR Advisory Services Private Limited, a financial services firm. ROC is undertaking inspections in six locations in Hyderabad, maximum of which are linked to Raju and his family.
An ROC legit said, “Based on directions from ministry of corporate affairs, we verified the registered address with an ‘unnatural quantity’ of companies — the very best ever reported in Andhra Pradesh and Telangana. According to rules, somebody can be a member of 20 registered firms. We are checking whether or not this rule has been violated as the same folks figure as administrators in lots of of those firms.”
Post-Satyam scam in 2009, CBI and ED had filed chargesheets against these firms.
“The chargesheets filed by way of ED and CBI against these firms are separate issues. We are looking into shell firms’ angle,” said the ROC legit.
SRSR Advisory Services officials said, “All these firms are named in CBI and ED chargesheets. ED has hooked up property. The firms are lively, however no longer operational. We were submitting 0 stability sheets for most. We can’t shut these firms because the property will be returned to them if cases against them are struck down. As SRSR Advisory Services is an accounting firm helping these firms, they're all performing from the same address. It is not an offence to have many firms at the identical address.”
In a shocker, 114 shell cos in 1 room in Hyderabad
![In a shocker, 114 shell cos in 1 room in Hyderabad]()
Reviewed by Kailash
on
July 26, 2018
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