78 companies vanish after raising funds; 17 in Guj

Seventy eight companies have gone untraceable after raising funds from investors, with Gujarat having the maximum number of 17 such entities, according to official data.
These entities are spread across Gujarat, Tamil Nadu, Maharashtra, Madhya Pradesh, West Bengal and Uttar Pradesh and some other states.
Companies, which fail to file documents and balance sheets after raising funds through public issues and go untraceable, are called 'vanishing companies'.
Cumulatively these 78 vanishing companies have raised a little over Rs 310 crore.
Among the 78 entities, Gujarat has the maximum at 17. Others include 10 such companies in Tamil Nadu and nine Maharashtra. West Bengal, Madhya Pradesh and Delhi each have five vanishing firms, as per data compiled by the Corporate Affairs Ministry.

FIRs have been lodged against all 78 companies and their directors to trace their whereabouts and also to take action against them under the Indian Penal Code, government informed Parliament on Friday.
Besides, prosecutions have been filed against these entities under various provisions of the Companies Act.