[Word Count: 321 Estimate Read Time: 1 Min 36 Sec]
- Ministry of Corporate Affairs(MCA) has started a campaign to check locations from where more than 25 companies are registered
- Yesterday MCA had found a massive forgery where 114 companies are registered at a single location in Hyderabad
- As per MCA, SRSR Advisory Services Private Limited is the accounting firm for all these companies
- Around 382 unique companies and 45 unique directors are potentially related to SRSR Advisory Services
- Single email ID was used to create 123 other unique companies with 43 unique DINs
114 Companies Found
The Ministry of Corporate Affairs(MCA) had started a campaign to check locations from where more than 25 companies are registered and through the campaign, were stunned to find 114 companies having same registered office address at Fortune Monarch mall in Jubilee Hills area of Hyderabad on 26 Jul 2018.
SRSR Advisory Services
SRSR Advisory Services is the accounting firm for all these companies and Hill Country, formerly Maytas, promoted by the son of Satyam Computers Founder B Ramalinga Raju was identified as one of the Shell companies. Interestingly, the companies had directors, were paid salaries and the balance-sheets was updated. The detailed balance-sheets show losses of 8 crores to whopping 15 crores in spite of any active business operations of more than 50 companies.
The companies were lending money to each other and might have created it to circulate money. The companies even hold assets like agriculture and also file returns.
Based on the MCA data, we have found that all of these companies are created on or before 2008 and all of these companies are active, filed returns till 31 Mar 2017.
There are 45 unique directors who are related to SRSR Advisory Services and its associated companies and these directors are associated with 382 unique companies.
A single email ID is used for incorporating around 123 unique companies and for obtaining 43 unique DINs.