Ministry of Corporate Affairs (MoCA) identified 106,578 Directors of Shell Companies and disqualified them for a period of five years. As many as 200,000 bank accounts of these shell companies have been freezed.
The Directors who were disqualified include AIADMK's expelled leader VK Sasikala Natarajan, Kerala former CM Oommen Chandy, Kerala's Leader of Opposition Ramesh Chennithala and Gulf-based business tycoon MA Yusufali.
MoCA identified Members of ICAI, ICSI and other Associations involved in these shell companies. Directions have been given to take action against these individuals.
Department of Financial Services, SFIO, ROCs and Indian Banks Association have worked collectively for the crackdown against shell companies. As many as 210,000 such firms were identified and shut down. After the crackdown, The count of companies have fallen to 1.1 million from 1.3 million.
The Directors who were disqualified include AIADMK's expelled leader VK Sasikala Natarajan, Kerala former CM Oommen Chandy, Kerala's Leader of Opposition Ramesh Chennithala and Gulf-based business tycoon MA Yusufali.
MoCA identified Members of ICAI, ICSI and other Associations involved in these shell companies. Directions have been given to take action against these individuals.
Department of Financial Services, SFIO, ROCs and Indian Banks Association have worked collectively for the crackdown against shell companies. As many as 210,000 such firms were identified and shut down. After the crackdown, The count of companies have fallen to 1.1 million from 1.3 million.