NEWS
- 28 April | India to Witness Deadliest Event of World History Mega El Nino Click Here →
- 15 April | The 3-Attempt Strategy No One Talks About | How He Scored 420+ in GS Click Here →
- 30 March | The Honest UPSC Talk Nobody Tells You Click Here to see Abhijit Asokan AIR 234 talk →
More than 1 lakh directors at shell firms identified for disqualification:
Context
- The Ministry of Corporate Affairs (MoCA) has identified 1.06 lakh directors of ‘shell companies’ for disqualification under the relevant provisions of the Companies Act, 2013.
Why is it done?
- To break the network of ‘shell companies’ and the fight against black money/money laundering activities.
- The move is pursuant to the MoCA’s action of cancellation of registration of around 2.10 lakh defaulting companies.
- It is done to restrict operations of bank accounts of such companies by the directors of such companies or their authorized representatives.
Who all are getting monitored?
- Professionals including Chartered Accountants, Company Secretaries and Cost Accountants associated with such defaulting firms and involved in illegal activities have been identified in certain cases.
- The action by professional institutes such as ICAI, ICSI and ICoAI is being monitored.
