Over 3.7 lakh companies did not file accounts, annual returns for FY09

Courts have imposed penalty to the tune of Rs63.84 lakh for non-filing of these documents by these companies in the year 2008-09

Over 3.7 lakh companies have not filed annual returns and balance sheets, which is mandatory under the Companies Act, for the fiscal year 2008-09, Parliament was informed today, reports PTI.

While the annual returns and balance sheets for the year 2009-10 are not yet due for filing, there are 3,70,196 companies which have not filed balance sheets, and 3,71,110 companies which have not filed their annual returns, corporate affairs minister Salman Khurshid said in the Lok Sabha.

In a written reply in the House, he said that the courts have imposed penalty to the tune of
Rs63.84 lakh for non-filing of these documents by the companies in the year 2008-09.

The balance sheets and annual returns are required to be filed with the Registrar of Companies (RoC) by all the companies registered under the Companies Act, 1956, he said.

Similarly, for the fiscal ended 2007-08, over 3.03 lakh companies have not filed their balance sheets, while more than 3.07 lakh companies have not filed their annual returns.

The penalties imposed by the courts for non-filing of these documents by the companies during 2007-08 stood at Rs88.17 lakh, Mr Khurshid added.

Similarly for fiscal 2006-07, over 2.60 lakh companies have not filed returns and accounts and the courts have imposed a penalty of Rs94.66 lakh.


India’s footwear exports may touch $3.37 billion in the next two years

The domestic footwear industry, the second-largest in the world after China, is growing at a rate of about 10% annually

With global economies recovering from the slowdown, India’s footwear exports are expected to more than double to $3.37 billion (about Rs14, 828 crore) in the next two years.

The Indian footwear industry, the second-largest in the world after China, is growing at a rate of about 10% annually, president of the Indian Footwear Components Manufacturers Association BD Bhaiya told reporters.

“Apart from the growth in the domestic sector, we have also set a target of $3.37 billion in exports of footwear alone by 2013-14,” Mr Bhaiya said.

In 2008-09, footwear exports from India were $1.53 billion. Of the total exports of leather and leather products, the segment contributes over 40%.

Several international brands like Nike, Adidas and Reebok source footwear from the $5-billion domestic industry.

India currently produces about 2.06 billion pairs of shoes in different categories. Per capita consumption of footwear in the country has also increased to two pairs from a mere 0.5 pairs a decade ago.

“With the quality and price competitiveness that has been proved, I am confident that India will fast become a major player in the global footwear market, as more and more companies are shifting their sourcing needs as well as production bases towards us,” Mr Bhaiya said.

The country’s major export markets are the US and Europe. India allows 100% foreign direct investment in the sector.

Companies like Formas Kunz (Brazil), Feng Tay Enterprises (Taiwan) and Apache Footwear (China) have set up production basis in India, Mr Bhaiya said.

The industry is organising a three-day Footwear, Materials, Manufacturing and Technology Fair in Greater Noida from 7th May to attract global players.



Shadi Katyal

7 years ago

It is nice to hear such progress but one is sad to read that almost all the progress is with FDI and nothing from our own bankers and industrialist.
India does not have enough talent and thus foreign companies as far as Brazil are sourcing in India. while one finds sandals and chapals made in Brazil all over the world. We have not seen any such products in USA or Europe.
what is the total export of footwear to Russia as she was at one time the biggest buyer.

QIBs and NIIs shy away from fundamentally poor & overpriced IPOs

The recent IPOs of Tara Health Foods and Tarapur Transformers have failed to woo QIBs and NIIs

Qualified Institutional Buyers (QIBs) and Non-institutional Investors (NIIs) have preferred to stay away from the recently-opened low-profile initial public offerings (IPOs). Tara Health Foods Limited (THFL) which opened for subscription on 28 April 2010 has received an overall subscription of zero on day one. The issue closes on 30 April 2010. QIBs and NIIs have completely avoided the IPO which saw zero subscription out of 35 lakh and 15 lakh shares reserved under their respective quotas. The company has 85 lakh shares on offer. The issue is priced at a whopping price band of Rs180-Rs190 per share while the company has posted a net profit of just Rs16.99 crore in the year ended March 2009. The fate was similar in the retail investor category which saw 0.0047 times subscription. Fitch has assigned‘IPO Grade 2’ to THFL which indicates ‘below average’ fundamentals.

Similarly, retail investors have given a thumbs-down to the two IPOs of Nitesh Estates Ltd and Mandhana Industries Ltd which hit the market this week.
Mandhana Industries Ltd, which opened on 27 April 2010, received 0.19 times subscription from retail investors on day two. The company has set a price band of Rs120-Rs130 per share. The issue closes today. CRISIL has assigned an ‘IPO Grade 3’ to Mandhana Industries indicating ‘average’ fundamentals. Nitesh Estates Ltd, which closed on 27 April 2010, has received a subdued 0.22 times subscription from NIIs and 0.16 times the subscription in the retail investor category. Overall, the issue has been subscribed 1.27 times out of the 6.41 crore shares on offer. The issue has been rated ‘IPO Grade 2’ by ratings agency CRISIL which implies ‘below average’ fundamentals. The price band was Rs54-Rs56. Its profit after tax (PAT) was Rs2.85 crore for the year ended March 2009.

Even Mandhana Industries Ltd’s IPO which closes on 29 April 2010 has received 0.19 times subscription on the second day from the retail investor category. Meanwhile, Tarapur Transformers Ltd, which closed yesterday, has managed to get just 0.03 times subscription on the last day from QIBs. It recorded a PAT of Rs2.15 crore in FY09. The issue closed on 28 April 2010.




7 years ago

What is the role of SEBI in such cases? If they act as rubber stamp for whatever documents are placed before them for approval, what is the sanctity of such approvals?


7 years ago

There should be a minimum eligibility criteria of ratings vs. pricing for companies to list ... rather than allowing all and sundry to list at prices that are out of this world

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