At a time when the Ministry of Corporate Affairs is striking out companies and limited liability partnerships, or LLPs, for not filing financial statements, it appears that a firm run by Jay Shah, the son of the Bharatiya Janata Party’s national president, Amit Shah, has not submitted its financial records and accounts for the last two financial years. The MCA database reveals that Kusum Finserve LLP, the firm run by Jay Shah, has not filed its financial statements for the financial years 2016–17 and 2017–18.
In the recent past, the MCA has pushed full steam ahead in its bid to crack down on companies that have not filed its financial statements consecutively for a period of two years or more. In June 2018, the Ministry of Finance issued a press release stating that, as part of a drive under the supervision of the MCA, the Registrars of Companies had struck off 2.26 lakh companies from the register of companies during the financial year 2017–18, for such non-filing. As part of the MCA’s drive, the ROCs also disqualified over 3 lakh directors for non-filing of financial statements and annual returns for the preceding three financial years. The press release further states that for the second drive, which will be launched in the ongoing financial year of 2018–19, “a total of 2,25,910 companies have been further identified for being struck-off ... along with 7191 LLPs.”