Ministry of corporate affairs ordered inquiry in 87 real estate companies
The government ordered inquiry into 87 real estate firms in the last fiscal and the first three months of current fiscal, Union Minister of State for Corporate Affairs P.P. Chaudhary told the Lok Sabha on Friday.
During the year 2017-18 and till June 30, 2018, the Ministry of Corporate Affairs has ordered inquiry into 87 companies, inspection of books and papers in 17 companies and investigation in seven cases involving 149 entities including five Limited Liability Partnerships (LLPs) engaged in real estate activities, Chaudhary said.
The Minister said the Companies Act, 2013 provides for details of compliances with respect to books of account and other matters of all categories and there are no separate provisions in the Act for real estate companies.
The Companies Act, 2013 stipulates requirement of statutory audit and internal audit by the companies, he added.