Companies do the vanishing trick in Hyderabad
According to the Registrar of Companies of the Ministry of Corporate Affairs, eight listed companies of the city vanished into thin air after collecting Rs 28 crores from people through Initial Public Offers.
These companies diverted and misused funds and failed to file annual reports, financial results and balance sheets. The list of vanished companies includes Swal Computers Ltd, Orpine Systems Ltd, Daisy Systems Limited, Sequel Soft India Ltd, Visie Cybertech Ltd and IMAP Technologies Ltd. Police booked case of cheating, misappropriation, and criminal breach of trust (under sections 403, 406, 415, 418, 420 and 424 of Indian Penal Code) against them and decided to prosecute the promoters.
Cases are also pending against vanishing companies in Panjagutta, Bowenpally, SR Nagar and Kushaiguda. Earlier, ROC lodged 15 such FIRs with the state police and 11of them are being investigated by CID and different police stations. ROC officials at Sultanbazar in Hyderabad prepared the entire evidence and documents related to the erring companies and filed a comprehensive complaint.