Govt finds 130,000 firms without PAN

Ministry of Corporate Affairs is now likely to examine whether all active companies have PAN or not

An investigation conducted by the Ministry of Corporate Affairs (MCA) has revealed more than 130,000 companies, out of 224,000 taken off registers, did not have a permanent account number (PAN) even as they transacted crores of rupees. 

Sources said the probe indicated only 93,000 firms struck off by the Registrar of Companies (RoC) had PAN, which is mandatory for any transaction above Rs 50,000. 

The findings showed these firms did not pay taxes and made it difficult for the authorities to track their transactions, sources said. The absence of statutory filings was cited as a reason for deregistering the firms.