Penal action against 578 cos in 3 yrs for accounting errors
Penal action has been taken against 578 companies in the last three years for irregularities in their balance sheets, government said today.
Prosecutions were filed against 54 companies and their officers in the year 2011-12, Minister of Corporate Affairs Sachin Pilot informed the Lok Sabha in a written reply.
Besides, penal action was taken against 278 and 246 firms in 2010-11 and 2009-10 respectively, he said.
"This ministry has inspected/examined the books of accounts of various companies where violations...of the Companies Act, 1956 were noticed in the balance sheets," Pilot said.
"Based on the findings, penal action has been taken against the erring companies and their officers in default," he added.
Last week, the minister informed the lower house that a total of 7,167 cases have been filed for failure by companies to submit balance sheets and profit and loss account statements, in the last three years.
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