Don't make non filing of returns on ROC a criminal offence
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There are plenty of companies that may be not filing their returns on ROC ( Registrar of Companies ) in India and making this as a criminal offence will make businesses to bleed further as the Directors of these companies may be the directors in some more companies which are filing regular returns.
The solution should be that if the ROC returns are not filed for the companies those are loss making, they should be encouraged to file the returns for getting qualified for taking any loan or investment from banks, financial institutions or individuals. Without ROC returns filed. There should be nominal fee for the loss making companies but heavy penalties for profit making companies that are found to be not filing returns on ROC.
I can say with certainty that incentive motivation is more productive than threat motivation.
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