Covid-19

More than 10,000 companies shut down in India due to COVID lockdown

Photo: Wikimedia/Kaipullai.

New Delhi: Over 10,000 companies were shut down voluntarily in the country from April 2020 till February this year, also a period when the coronavirus pandemic and subsequent lockdowns had significantly disrupted economic activities.

The latest data available with the Ministry of Corporate Affairs (MCA) showed that a total of 10,113 companies were struck off under Section 248(2) of the Companies Act, 2013, in the current financial year till February.

Section 248(2) implies that the companies had shut their businesses voluntarily and not due to any penal action.

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