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Sunday, September 24, 2023

Shell companies crackdown: 4.5 lakh directors may face axe


NEW DELHI: As several as four.five lakh administrators could deal with disqualification for their association with shell firms, Union minister P P Chaudhary stated right now as the federal government actions up its fight against the black revenue menace.
Asserting that
authentic corporates won’t facial area action, the minister of state for company affairs said non-compliant firms are tarnishing the picture of fine types.
As the ministry pushes forward while using the endeavours to weed out shell organizations — a time period utilized for entities which have not been finishing up enterprise for extended and so are allegedly used as conduit for unlawful fund flows — Chaudhary advised PTI within an job interview the profile of all disqualified directors is going to be examined.
The ministry has struck off names
of 2,17,239 corporations from your records as on September 22 as these haven’t been finishing up business actions for just a extensive period and have also defaulted on obligatory filings while more this sort of companies are very likely to deal with action.
“As on September 22,
a total of 3,19,637 directors happen to be determined and flagged as disqualified less than Area 164 (two) (a) on the Businesses Act, 2013… It’s estimated which the last listing may possibly touch the determine of about four.five lakh (directors),” Chaudhary explained Read more articles .
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