Indias RBI May Make Cryptocurrencies As Legal Tender But Not Convinced With Bitcoin

The Ministry of Corporate Affairs (MCA) has conducted an inspection on a bitcoin company through Registrar of Companies and prosecutions have been filed for violations under various provisions of the Companies Act, Parliament was informed on Monday.

Responding to a query in the Lok Sabha, Minister of State for Finance and Corporate Affairs Anurag Singh Thakur said the ministry has conducted an inspection through Registrar of Companies (RoC), Ahmedabad in the matter of ZEB IT Services Pvt Ltd to examine the aspects with regard to dealing in bitcoins.

“… based on the findings, prosecutions have been filed for violations under various provisions of the Companies Act and the same also have been concluded on payment of penalty on the compounding application(s) filed by the company,” he said in a written reply.

The minister further said ZEB IT Services has filed its balance sheet as on March 31, 2019.

Thakur further noted that one more company – Unocoin Technologies Pvt Ltd – registered with RoC, Karnataka is up to date in filing statutory returns and no complaints have been received.

To a question on whether several major companies operating in various sectors are on the verge of insolvency, the minister said, as per the records of MCA, Jet Airways is “under corporate insolvency resolution process” while Airtel Broadband Services is amalgamated.

Besides, Air India, MTNL, Vodafone Idea are active companies and have filed Statutory Returns including financial statements up to the financial years 2019. BSNL has filed the documents till 2018, the minister noted. PTI DRR

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