5.38 lakh of 17 lakh registered firms shut shop this year
Around 5.38 lakh firms or 32% of the 17 lakh firms registered with the government shut shop this year, Ministry of Corporate Affairs has revealed. Major reasons for the shut down included increased regulatory compliance, failure of companies to avail bank credit and a crackdown on shell companies. The Ministry further revealed around 2.38 lakh companies shut shop in 2017.