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ARTICLE · 17 OCTOBER 2017

Disqualification Of Shell Companies & Their Directors

S.S. Rana & Co.
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Faced by the challenges posed by black money, the Government of India is aiming to ensure its eradication. Amongst various measures taken thereunder...

IndiaCriminal Law
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Faced by the challenges posed by black money, the Government of India is aiming to ensure its eradication. Amongst various measures taken thereunder, the Government has now focused its line of operation to crackdown the shell companies. The shell companies being the companies with no operational business become common media to carry out unlawful negotiations including tax evasion. The Government has taken strict measures to prohibit the use of such companies to channelize black money.

Fight against Black Money in Corporates

By passing the Companies Amendment Bill, 2017, limitations have been imposed on the layering of the subsidiary companies to forbid probable diversion and laundering of funds. Further the Government, struck off the names of over 200,000 companies on account of prolonged inactivity under the provisions of Section 248 of the Companies Act, 2013. All the banks were advised to put restrictions on bank accounts of struck-off companies.

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