The Ministry of Corporate Affairs (MCA), through the Registrar of Companies and presentations, is scrutinizing a bitcoin company called ZEB IT  Services. The<a href="https://www.business-standard.com/article/pti-stories/mca-conducts-inspection-on-one-bitcoin-company-120031601007_1.html"> charges</a> against them on various grounds under multiple provisions of the Companies Act and the Parliament was notified of the same on Wednesday.

When prompted by Lok sabha, the Minister of State and Finance Corporate Affairs Anurag Singh Thakur responded that they have carried out an inspection through Registrar Companies of Office( RoC) and the bitcoin company’s handling of the coin is being looked into.

Anurag Thakur in a written reply noted that with what they’ve gathered so far suggest multiple violations have been carried out by Zeb IT Services under provisions in the Companies Act, and they have been involved in issues regarding the payments too. Anurag Thakur also added that ZEB IT Services filed their balance sheet on March 31, 2019.

While ZEB IT Services is in hot water,<a href="https://www.cryptoknowmics.com/crypto/indian-crypto-ecosystem-garnering-international-attention-despite-rbi-fiasco/"> Unocoin Technologies Private Limited</a> is residing in peace as no complaints have been registered against it and the Karanatak RoC registered company is up to date in filing statutory returns.

As the future of Bitcoin company ZEB IT Services hangs in the balance, Anurag Thakur was quizzed about the other companies feeling the heat and are on the brink of insolvency. Anurag Thakur responded that according to MCA, Airtel Broadband Services is amalgamated while Jet Airways is under the corporate insolvency resolution process.

He also noted that other active companies like MTNL, Vodafone Idea are up to date with their statutory returns, in 2019, while BSNL has managed it only till 2018.
<h2>The Crypto Space Can Do Without The Negativity Around ZEB IT Services</h2>
The question marks raised over ZEB IT Services is not the need of the hour, and it sows doubts in the mind of Indians. With the recently lifted ban on cryptocurrencies in India, the crypto-space in India needs no negativity or questions marks over Bitcoin-related companies in order to grow in the country.

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ZEB IT Services Under The Cosh After Violating Companies Act

According to Anurag Singh Thakur, ZEB IT Services, the Bitcoin Coin is facing charges in regards to violation done be it under the Companies Act.

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.

ZEB IT Services Under The Cosh After Violating Companies Act

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