Fly by Night Companies

Companies which, after raising funds through Public issues, fail to file documents and balance sheets and become untraceable are called 'Vanishing Companies'. Initially 238 such companies were identified. Out of these, 128 companies subsequently started filing their returns etc. and therefore they are no longer regarded as 'Vanishing Companies' and are subjected to special monitoring by being kept under a 'watch list'. Out of the remaining companies 32 are now under liquidation. As on date, there are 78 companies in the 'vanishing companies' category. The total amount raised by these 78 companies was Rs. 310.21 crore (approx.).