Shell cos crackdown: Govt to disqualify over 1 lakh directors

Government has identified more than one lakh directors of shell companies for disqualification following cancellation of registration of nearly 2.1 lakh companies last week. The Ministry of Corporate Affairs said, government is also keeping a close watch on the money laundering activities of the remaining 11 lakh active companies. It said, the Ministry is further analyzing the data of these companies to identify the Directors and the significant beneficial interests behind these companies. 

Minister of State P.P. Chaudhary is closely monitoring the situation emerging-out of cancellation of registration of such companies under the Companies Act, 2013. He said, the present Government has vowed to fight Black Money and fighting the menace of Shell Companies is an imperative element of such fight. He also said, the fight against black money will be incomplete without breaking the network of shell companies. Also the possibility of using the Shell companies for laundering the black money cannot be undermined.