While taking big action on Blackmoney, the central government has banned the bank account of more than 2 lakh companies. Their registrations have also been canceled. According to the finance ministry, this step has been taken because of rules violet.
According to the ministry, the companies whose registrations were canceled did not follow rules related to the company law. According to the Finance Ministry – registration of 2,09,032 companies has been canceled. This action has been done under section 248 (5) of the Companies Act.