Govt identifies over 1 lakh directors of shell companies for disqualification




The professionals, chartered accountants, company secretaries, cost accountants associated with such defaulting companies and involved in illegal activities have been identified in certain cases.

NEW DELHI: The Ministry of Corporate Affairs on Tuesday said it has identified 1,06,578 directors of shell companies for disqualification.

The ministry is further analysing the data of these companies available with the Registrar of Companies to identify the directors and the significant beneficial interests behind these companies.

Profiles of directors such as their background, antecedents and their role in the operations/functioning of these companies are also being compiled in collaboration with the enforcement agencies.

The money laundering activities performed under the aegis of these companies are also under the scanner.

“The professionals, chartered accountants, company secretaries, cost accountants associated with such defaulting companies and involved in illegal activities have been identified in certain cases and the action by professional institutes such as ICAI, ICSI and ICoAI is also being monitored,” said

Minister of State for Corporate Affairs PP Chaudhary said that all the concerned agencies are handling this issue on priority.

“The present government has vowed to fight Black Money and fighting the menace of Shell Companies is an imperative element of such fight. The fight against black money shall be incomplete without breaking the network of shell companies. Possibility of using the Shell companies for laundering the black money cannot be undermined. I am happy that all the concerned agencies are handling this issue on priority. We are identifying the defaulting directors of these shell companies. My officers have assured me that by the end of this month, we would be ready with the relevant details of all defaulting directors of these shell companies,” he added.




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