Lok Sabha Question No. 205 (STARRED), answered on 2016-03-11
Subject: Ponzi Companies
Ministry: CORPORATE AFFAIRS
Asked by: MANOJ RAJORIA

## GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS

## LOK SABHA STARRED QUESTION NO. 205 ANSWERED ON FRIDAY, THE 11 TH  MARCH, 2016 [PHALGUNA 21, 1937 (SAKA)]

## PONZI COMPANIES

## QUESTION

*205. DR. MANOJ RAJORIA:

Will the Minister of CORPORATE AFFAIRS be pleased to state:

(a) the  number  of  companies  that  have  vanished  after  raising  public money during the last three years, State/UT-wise and company-wise;

(b) whether the Government has taken action against such companies, if so, the details thereof;

(c) whether there is any mechanism to monitor these companies so as to ensure that investors are not cheated by any company, if so, the details thereof; and

(d) the steps taken/being taken by the Government to tighten the grip on ponzi companies in the country?

## ANSWER

THE MINISTER OF CORPORATE AFFAIRS      (SHRI ARUN JAITLEY)

(a) to (d) A Statement is laid on the Table of the House.

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## STATEMENT  REFERRED  TO  IN  REPLY  TO  PARTS  (a)  TO  (d)  OF  THE STARRED QUESTION NO. 205 FOR ANSWER IN LOK SABHA ON 11.03.2016

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(a) to (c) In complaints of serious nature involving companies which have defaulted after raising money from the Public, the Ministry of Corporate Affairs orders investigation into the affairs of such companies u/s 210 and 212 of the Companies Act, 2013.  164 cases pertaining to so called 'chit fund / Ponzi companies' have been assigned to Serious Fraud Investigation Office (SFIO) for investigation in this regard. (Annexure-I). (d) Government  has  taken  a  number  of  measures  to  check  cases  of corporate frauds and protect interests of the investors, including: (i) 'Fraud' as a substantive offence has been  introduced  in the Companies Act, 2013. (ii) Statutory status has been granted to the SFIO under the Companies Act, 2013. (iii) Stricter  norms  of  Corporate  Governance  and  their  implementation have been built in to the Companies Act, 2013. (iv) Greater application of technology for early/ preliminary identification of cases involving frauds through data analysis and usage of forensic tools, etc., is being promoted.

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## ANNEXURE REFERRED TO IN THE REPLY TO PARTS (a) TO (c) OF THE STARRED QUESTION NO. 205 FOR ANSWER IN LOK SABHA ON 11.03.2016

## MLM/CHIT FUND/PONZI CASES AS ON 31.12.2015

|   S.NO. | PARTICULARS                                                           | REPORT SUBMITTED ON   | REMARKS   |
|---------|-----------------------------------------------------------------------|-----------------------|-----------|
|       1 | Goldquest International Pvt. Ltd.                                     | 05.03.2012            |           |
|       2 | Questnet Enterprieses India Pvt Ltd.                                  | 05.03.2012            |           |
|       3 | City Limouzines (India) Ltd.                                          | 31.01.2012            |           |
|       4 | Abcindya Networks Pvt. Ltd.                                           | 12.12.2012            |           |
|       5 | M/s Speakasiaonline                                                   | 15.09.2014            |           |
|       6 | M/s Tulsiyat Tek Pvt. Ltd.                                            | 15.09.2014            |           |
|       7 | M/s Seamless Outsourcing LLP                                          | 15.09.2014            |           |
|       8 | M/s Unigateway 2U Trading Pvt. Ltd.                                   | 31.03.2014            |           |
|       9 | M/s Unipay2U Marketing Pvt. Ltd                                       | 31.03.2014            |           |
|      10 | M/s Unipay Creative Business Pvt. Ltd.                                | 31.03.2014            |           |
|      11 | M/s Unipay2U Production Pvt. Ltd                                      | 31.03.2014            |           |
|      12 | M/s Basil International Ltd.                                          | 31.03.2014            |           |
|      13 | M/s Vamshi Chemicals Ltd.                                             | 31.03.2014            |           |
|      14 | M/s Nixil Pharmaceuticals Specialities Ltd.                           | 31.03.2014            |           |
|      15 | M/s Appeline Cosmetics & Toiletries Ltd.                              | 31.03.2014            |           |
|      16 | M/s Basil Express Ltd.                                                | 31.03.2014            |           |
|      17 | M/s Saradha Realty India Ltd.                                         | 04.07.2014            |           |
|      18 | M/s Saradha Agro Development Ltd.                                     | 31.03.2014            |           |
|      19 | M/s Saradha Exports Ltd.                                              | 31.03.2014            |           |
|      20 | M/s Saradha Shopping Mall Pvt. Ltd.                                   | 31.03.2014            |           |
|      21 | M/s Saradha Printing &Publication Pvt. Ltd.                           | 31.03.2014            |           |
|      22 | M/s Saradha Tours & Travels Pvt. Ltd.                                 | 31.03.2014            |           |
|      23 | M/s Saradha Education Enterprise Ltd.                                 | 31.03.2014            |           |
|      24 | M/s Saradha Construction Company Pvt. Ltd.                            | 31.03.2014            |           |
|      25 | M/s Saradha Garden Resorts & Hotel Pvt. Ltd.                          | 31.03.2014            |           |
|      26 | M/s Saradha Landmark Cement Pvt. Ltd.                                 | 31.03.2014            |           |
|      27 | M/s Rose Capital Ltd.                                                 | 31.03.2014            |           |
|      28 | M/s Bengal Media Pvt. Ltd.                                            | 31.03.2014            |           |
|      29 | M/s Bhasank Food Pvt. Ltd.                                            | 31.03.2014            |           |
|      30 | M/s Global Automobiles Ltd.                                           | 31.03.2014            |           |
|      31 | M/s Rose Valley Real Estate &Construction Ltd.                        | 03.12.2014            |           |
|      32 | M/s Rose Valley Industries Ltd. M/s Silver Valley Communications Ltd. | 03.12.2014            |           |
|      33 | M/s Rose Valley Food Beverages Ltd.                                   | 03.12.2014            |           |
|      34 |                                                                       | 03.12.2014            |           |
|      35 | M/s Rose Valley Marketing India Ltd.                                  | 03.12.2014            |           |

|   36. | M/s Rose Valley Infotech Pvt. Ltd.                           |            |
|-------|--------------------------------------------------------------|------------|
|    37 | M/s Rose Valley Hotels & Entertainment Ltd.                  |            |
|    38 | M/s Rose Valley Projects Ltd.                                |            |
|    39 | M/s Rose Valley Patrika Ltd.                                 |            |
|    40 | M/s Rose Valley Films Ltd.                                   |            |
|    41 | M/s Modern Investment Traders Pvt. Ltd.                      |            |
|    42 | M/s Rose Valley Travels Pvt. Ltd.                            |            |
|    43 | M/s Brand Value Communications Ltd.                          |            |
|    44 | M/s Rose Valley Housing Development Finance Corporation Ltd. |            |
|    45 | M/s Rose Valley Airlines Ltd.                                |            |
|    46 | M/s Rose Valley Fashions Pvt. Ltd.                           |            |
|    47 | M/s Rupasi Bangla Projects India Ltd.                        |            |
|    48 | M/s Rupasi Bangla Media & Entertainment Ltd.                 |            |
|    49 | M/s Rose Valley Realcom Ltd.                                 |            |
|    50 | M/s Sunshine India Land Developers Ltd.                      | 27.04.2015 |
|    51 | M/s Sunshine Mutual Benefit Ltd.                             |            |
|    52 | M/s Sunshine Land Projects Ltd.                              |            |
|    53 | M/s Sahu Investment Mutual Benefit Company Ltd.              |            |
|    54 | M/s Sahu Investment Corporation Ltd.                         |            |
|    55 | M/s Nirmala Sahu Business Complex Pvt. Ltd.                  |            |
|    56 | M/s Shiv Nests Pvt. Ltd.                                     |            |
|    57 | M/s Synergy Tie-Up Pvt. Ltd.                                 |            |
|    58 | M/s Nirmala Dwellings Pvt. Ltd.                              |            |
|    59 | M/s Icore E-services Ltd.                                    | 04.09.2015 |
|    60 | M/s Icore Apparels Pvt. Ltd.                                 |            |
|    61 | M/s Icore Paints Pvt. Ltd.                                   |            |
|    62 | M/s Icore Iron & Steel Pvt. Ltd.                             |            |
|    63 | M/s Icore Super Cements Pvt. Ltd.                            |            |
|    64 | M/s Riju Cement Ltd.                                         |            |
|    65 | M/s Mega Mould India Ltd.                                    |            |
|    66 | M/s Papyrus Infotech Pvt. Ltd.                               |            |
|    67 | M/s Icore Global Medicines Pvt. Ltd                          |            |
|    68 | M/s Icore Jewellery & Gems Pvt. Ltd.                         |            |
|    69 | M/s Icore Polyfab Pvt. Ltd.                                  |            |
|    70 | M/s Icore Housing Finance Corpn. Ltd.                        |            |
|    71 | URO Infra Reality India Ltd.                                 | 31.12.2015 |
|    72 | URO Hotels and Resorts India Ltd.                            |            |
|    73 | URO Hygienic Foods Ltd.                                      |            |
|    74 | URO Infotech Ltd.                                            |            |
|    75 | URO Lifecare Ltd.                                            |            |
|    76 | URO Trexim Ltd.                                              |            |
|    77 | URO Autotech Ltd.                                            |            |
|    78 | URO Agro India Ltd.                                          |            |

|   79. | URO Walkers Ltd.                                                             |            |          |
|-------|------------------------------------------------------------------------------|------------|----------|
|    80 | Mangalam Agro Products. Ltd. (Kolkata)                                       | 22.12.2015 |          |
|    81 | Shark Communications Pvt. Ltd.                                               | --         | UNDER    |
|    82 | Hitech Computech Pvt. Ltd.                                                   |            | PROGRESS |
|    83 | Konichiva Builders Pvt. Ltd.                                                 |            |          |
|    84 | Bharti Properties Pvt. Ltd.                                                  |            |          |
|    85 | Heena Developers Pvt. Ltd.                                                   |            |          |
|    86 | Saksham Infocom Pvt. Ltd.                                                    |            |          |
|    87 | North India Securities Pvt. Ltd.                                             |            |          |
|    88 | Krishna Infomedia Pvt. Ltd.                                                  |            |          |
|    89 | DMC Education Ltd.                                                           |            |          |
|    90 | T and G Edutech Pvt. Ltd. (formerly known as 'Centenary Software Pvt. Ltd.') |            |          |
|    91 | Ramel Industries Ltd                                                         | --         | UNDER    |
|    92 | Gan Laboratory Pvt. Ltd.                                                     |            | PROGRESS |
|    93 | Ramel Mart Pvt. Ltd.                                                         |            |          |
|    94 | Ramel Media and Advertising Pvt. Ltd                                         |            |          |
|    95 | Ramel Real Estate & Infrastructure Ltd.                                      |            |          |
|    96 | Ramel Sea Food Ltd.                                                          |            |          |
|    97 | Tamanna IT Solutions Ltd.                                                    |            |          |
|    98 | Ramel Pharma Ltd.                                                            |            |          |
|    99 | Ramel Hospitality Pvt. Ltd.                                                  |            |          |
|   100 | Ramel Infotech Pvt. Ltd.                                                     |            |          |
|   101 | Ramel Agrotech Ltd.                                                          |            |          |
|   102 | Ramel Hotel & Resorts Pvt. Ltd.                                              |            |          |
|   103 | Ramel Impex Pvt. Ltd.                                                        |            |          |
|   104 | Ramel Insurance Agency Pvt. Ltd.                                             |            |          |
|   105 | Cygnus Publishers Ltd.                                                       |            |          |
|   106 | Ramel Bio Fertilizer Pvt. Ltd                                                |            |          |
|   107 | Rahul Hi Rise Ltd.                                                           | --         | UNDER    |
|   108 | Shrishti Abha Food & Beverage Pvt. Ltd.                                      |            | PROGRESS |
|   109 | Rahul Media & Entertainment Ltd.                                             |            |          |
|   110 | Rahul Wood Works Pvt. Ltd.                                                   |            |          |
|   111 | Veekayen Properties Pvt. Ltd.                                                |            |          |
|   112 | Hotel Sea-Coast Pvt. Ltd.                                                    |            |          |
|   113 | Rahul Bhumi Vikas Ltd.                                                       |            |          |
|   114 | Rahul Heights Ltd.                                                           |            |          |
|   115 | Rahul Real Estate Projects Ltd.                                              |            |          |
|   116 | Rahul Inn Hospitality Ltd.                                                   |            |          |
|   117 | Ideas Realcon Ltd.                                                           |            |          |
|   118 | Ideas Real Estate Ltd.                                                       |            |          |
|   119 | Ideas Healthcare Ltd.                                                        |            |          |
|   120 | Ideas Broking Ltd.                                                           |            |          |
|   121 | Zenix Technologies Pvt. Ltd                                                  |            |          |
|   122 | Adventus Creations Pvt. Ltd.                                                 |            |          |
|   123 | Seashore Securities Ltd.                                                     | --         | UNDER    |
|   124 | Seashore Agriculture Promotion Company Pvt. Ltd.                             |            | PROGRESS |

|   125. | Seashore Healthcare Pvt. Ltd.                         |            |                |
|--------|-------------------------------------------------------|------------|----------------|
|    126 | Seashore Pharmaceuticals Pvt. Ltd.                    |            |                |
|    127 | Seashore Courier & Cargo Private Ltd.                 |            |                |
|    128 | Seashore Diary Products Pvt. Ltd                      |            |                |
|    129 | Seashore Portfolio Management Services Ltd.           |            |                |
|    130 | Seashore Consultancy & Construction Private Ltd.      |            |                |
|    131 | Falcon Consultancy Private Limited                    |            |                |
|    132 | Royal Purple Hotels Private Limited                   |            |                |
|    133 | Sagiarien Systems Private Ltd                         |            |                |
|    134 | Florance Biotech Private Limited                      |            |                |
|    135 | Saubhagya Drinks Private Limited                      |            |                |
|    136 | Sri Krishna Agriculture Pvt. Ltd.                     |            |                |
|    137 | Jatish Agro and Oil Products Pvt. Ltd.                |            |                |
|    138 | Sagar Media & Entertainment Pvt. Ltd.                 |            |                |
|    139 | Seashore Capital Pvt. Ltd.                            |            |                |
|    140 | Seashore Shipping Company Pvt. Ltd.                   |            |                |
|    141 | Saradha Housing Pvt. Ltd.                             | 30.09.2015 |                |
|    142 | Ambujaatripuri Infra (India) Ltd.                     | --         | UNDER          |
|    143 | Ambujaatripuri Business Private Ltd.                  |            | PROGRESS       |
|    144 | Artha Tatwa Consultancy Private Ltd.                  |            |                |
|    145 | Artha Tatwa World Ventures Pvt. Ltd.                  |            |                |
|    146 | Artha Tatwa Food Mart Private Ltd.                    |            |                |
|    147 | Artha Tatwa Capital Limited                           |            |                |
|    148 | Ambujaatripuri Engineering Pvt. Ltd.                  |            |                |
|    149 | Orisha Health &Medical Research Institute             |            |                |
|    150 | Goldmine Food Products Ltd.                           | --         | UNDER          |
|    151 | Goldmine Agro Ltd.                                    |            | PROGRESS       |
|    152 | Classic Resources Ltd                                 |            |                |
|    153 | Goldmine Industries Ltd.                              |            |                |
|    154 | Goldmine Height Pvt. Ltd                              |            |                |
|    155 | Goldmine Hotel & Resorts Pvt. Ltd.                    |            |                |
|    156 | Goldmine Advisories India Pvt. Ltd.                   |            |                |
|    157 | Goldmine Health Care Pvt. Ltd.                        |            |                |
|    158 | Samruddha Jeevan Foods Ltd.                           | --         | UNDER PROGRESS |
|    159 | Sai Prasad Foods Ltd.                                 | --         | UNDER          |
|    160 | Sai Prasad Properties Ltd.                            |            | PROGRESS       |
|    161 | Saiprasad Corporation Ltd.                            |            |                |
|    162 | Utkarsha Plotters and Multi Agro Solutions India Ltd. | --         | UNDER PROGRESS |
|    163 | PGF Ltd.                                              | --         | UNDER          |
|    164 | PACL Ltd.                                             |            | PROGRESS       |

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