Shell Companies

Friday, Apr 19, 2024 | Last Update : 01:58 PM IST

Over 1.12 lakh shell firms struck off since 2019

In 2019, the government informed that the CBI had registered 30 cases against 104 shell companies in the four years

19 Jul 2022 4:31 AM

The forensic audit is being conducted by independent auditors appointed by stock exchange.

Sebi asks suspected shell cos to cooperate in forensic audits

Shell companies are dubious entities that are mainly used for illegal money laundering.

30 Oct 2018 3:01 PM

The government on Friday said it has collated information about 5,800 shell companies whose near zero- balance accounts saw nearly Rs 4,574 crore of deposits post note ban. (Photo: ANI/Representational)

5,800 shell firms under govt scanner over deposits post demonetisation

Last month, the government imposed restrictions on operations of bank accounts of over 2 lakh 'struck-off' companies.

06 Oct 2017 1:40 PM

Old Rs 1,000 notes along with Rs 500 old notes were banned overnight on November 8, 2016. Photo: PTI

Govt releases data on companies involved in money laundering after note ban

Over Rs 4,574 crore was deposited post note ban in 13,140 bank accounts of 5,800 suspected companies.

06 Oct 2017 1:18 PM

Shell companies crackdown: 4.5 lakh directors may face axe

A total of 3,19,637 directors have been identified and flagged as disqualified under Section 164 (2) (a) of the Companies Act, 2013.

05 Oct 2017 12:13 PM

The Ministry of Corporate Affairs (MCA) is planning to scan 10 lakh active registered firms to scrutinise their details.

After shell companies, Centre to scrutinise 10 lakh active firms

In its fight against shell companies, the government recently disqualified over 1 lakh directors.

26 Sep 2017 5:49 PM

Union Finance Minister Arun Jaitley on Thursday said the government has been proactive in dealing with everything from GST implementation to crackdown on shell companies. Photo: PTI

Govt 'proactive' in dealing with GST, benami property, says FM Jaitley

The Centre is also deliberating on divestment of Air India, for which a meeting is being chaired later in the day, Jaitley stated.

21 Sep 2017 2:13 PM

The government has made public the names of over 55,000 directors. (Photo: Representational)

Govt makes public names of 55,000 debarred directors of shell companies

More than two lakh such companies have already been struck off the register of the companies with various ROCs.

20 Sep 2017 10:49 AM

Sebi is also considering relaxing REITs and InvITs to allow these trusts to raise funds through issuance of debt securities.

Sebi board to take stock of suspected shell cos on Monday

On August 7, the watchdog directed exchanges to restrict trading in shares of 331 companies.

17 Sep 2017 4:21 PM

The income tax department and the ministry of corporate affairs (MCA) have signed a pact to regularly share data, including PAN and audit reports of firms. (Representational Image)

Govt against shell companies: CBDT, MCA to share info on audit, PAN reports

The pact aims at curbing the menace of money laundering, black money and misuse of corporate structure by shell companies.

14 Sep 2017 5:14 PM

SEBI believes that financials of these companies should be independently audited to establish their genuineness.

Shell cos clampdown: Sebi for forensic audit of 3 firms

Sebi has asked exchanges to appoint independent auditors to conduct forensic audit of these firms for verification.

14 Sep 2017 2:04 PM

Applications and documents filed by disqualified directors of companies to the Ministry of Corporate Affairs will be "summarily rejected".

Disqualified directors of shell cos barred from submitting documents to govt

As part of the ministry's clampdown on shell companies, directors of such entities might also face regulatory action.

06 Sep 2017 8:43 PM

The government on Tuesday said that names of over 2.09 lakh firms were deregistered for failing to comply with regulatory requirements.

2.09 lakh companies deregistered; directors face action: Govt

Section 248 of the Companies Act provides powers to strike off names of companies on various grounds.

05 Sep 2017 5:53 PM

The systematic crackdown on shell companies is perhaps one of the most tangible outcomes of demonetization.

Modi govt beefs up surveillance on shell firms in war against 'black money'

Modi's office has formed a team of top law enforcement and revenue officials to go after such companies.

16 Aug 2017 6:20 PM

Of the 331 entities on the list, over 160 are actively traded on the exchanges.

Shell companies: SAT lifts trading curbs on Parsvnath, 5 others

Sebi on August 7 had asked stock exchanges to restrict trading in shares of 331 suspected shell companies.

11 Aug 2017 5:34 PM

Finance Minister Arun Jaitley said speedy steps are being taken against shell companies.

Jaitley ensures speedy action being taken against shell companies

He said the real owners behind such entities need to be identified and steps are being taken under benami and I-T laws for that.

11 Aug 2017 2:42 PM

The Securities Appellate Tribunal (SAT) will on Friday hear pleas by Parsvnath Developers and Kavit Industries against trading restrictions imposed on their shares by SEBI.

SAT to hear Parsvnath, Kavit Industries pleas tomorrow

Trading restrictions were imposed on these companies with effect from August 8 after which many of them approached SAT.

10 Aug 2017 7:55 PM

The Securities Appellate Tribunal on Thursday stayed trading restrictions imposed on suspected shell companies JKumar Infraprojects and Prakash Industries.

SAT stays trading curb on suspected shell cos JPrakash, Prakash Industries

These two companies are among the 331 suspected shell companies identified by the government.

10 Aug 2017 4:27 PM

Sebi has asked the exchanges to restrict trading in shares of 331 such companies.

JKumar, Parsvnath move SAT against shell company tag

JKumar Infraprojects said it is not a shell company and suspicion of the regulator is uncalled.

09 Aug 2017 5:25 PM

SEBI imposes trading curbs on suspected shell cos

However, Sebi did not reveal what illegal activities companies may have been engaged in.

08 Aug 2017 3:19 PM

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Mohan Guruswamy

shell companies