Department of Financial Services advises all Banks to take immediate steps to put restrictions on bank accounts of over two lakh 'struck off' companies

Hello readers, through this post you will aware about the recent Notification issued by Department of Financial Services that advises all banks to take immediate steps. The brief details regarding this Notification  are below:- 

Government has stepped up decisive action against companies falling within the ambit of Section 248 of the Companies Act. The names of 2,09,032 companies have been struck off from the Register of Companies under Section 248 (5) of the Act. The existing Directors and Authorized Signatories of such struck off companies will now become ex Directors or ex Authorized Signatories. These individuals will therefore not be able to operate bank accounts of such companies till such companies are legally restored under Section 252 of the Companies Act by an order of the National Company Law Tribunal. The restoration, as and when it happens shall be reflected by change in the status of the company from Struck off to Active. 

For full Notification …. Please go through 

the Link……. http://www.business-standard.com/article/government-press-release/department-of-financial-services-advises-all-banks-to-take-immediate-steps-117090500948_1.html