Govt to disqualify over 1 lakh directors of shell companies

India Infoline News Service | Mumbai | September 13, 2017 10:05 IST

The government has come up with a list of over 1 lakh directors of various companies to be disqualified as part of a crackdown on shell companies, reported a leading news agency.

The government has come up with a list of over 1 lakh directors of various companies to be disqualified as part of a crackdown on shell companies, reported a leading news agency. The bank accounts of 2,09,032 suspected shell companies were frozen by the government, earlier this month.
 
These companies were also de-registered by the Registrar of Companies (RoC) as they failed to comply with the requirement of submitting annual reports and other filings to the registrar. This has caused the existing directors and authorised signatories of these companies to become ex-directors or ex-authorised signatories. These individuals will not be able to operate the bank accounts of their former companies till such entities are restored by an order of the National Company Law Tribunal (NCLT).
 
With this move, the government aims to further its Clean Money agenda, by empowering authorities to take adequate actions against these shell companies in coming period. Government is relentlessly tracking the black money trail post the demonetisation drive that began in November last year.
 
The government’s steps to deregister fake companies is going to bring in fresh and clean cash inflow into the markets. Major indices in the market have been trading near their record high levels. Broader market indices are also at life-time high levels.
 
India’s retail inflation or Consumer Price Index (CPI) inflation for the month of August, 2017 came in at almost 100 basis points higher at 3.36%. The Index of Industrial Production for July 2017 came in at 1.2%, as against a contraction of 0.2% in the month of June.

Disclaimer: The contents herein is specifically prepared by ‘Dalal Street Investment Journal’, and is for your information & personal consumption only. India Infoline Limited or Dalal Street Investment Journal do not guarantee the accuracy, correctness, completeness or reliability of information contained herein and shall not be held responsible.

 

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