{"id":35180,"date":"2018-10-31T15:39:05","date_gmt":"2018-10-31T10:09:05","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=35180"},"modified":"2018-10-31T15:39:05","modified_gmt":"2018-10-31T10:09:05","slug":"more-than-1-lakh-directors-at-shell-firms-identified-for-disqualification","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/more-than-1-lakh-directors-at-shell-firms-identified-for-disqualification\/","title":{"rendered":"More than 1 lakh directors at shell firms identified for disqualification:\u00a0"},"content":{"rendered":"<p><span style=\"color: #00ccff;\"><a href=\"http:\/\/www.thehindu.com\/todays-paper\/tp-business\/more-than-1-lakh-directors-at-shell-firms-identified-for-disqualification\/article19673643.ece\"><span style=\"font-weight: 400;\">More than 1 lakh directors at shell firms identified for disqualification<\/span><\/a><span style=\"font-weight: 400;\">:\u00a0<\/span><\/span><\/p>\n<p><b>Context<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Ministry of Corporate Affairs (MoCA) has identified 1.06 lakh directors of &#8216;shell companies&#8217; for disqualification under the relevant provisions of the Companies Act, 2013.<\/span><\/li>\n<\/ul>\n<p><b>Why is it done?<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">To break the network of \u2018shell companies\u2019 and the fight against black money\/money laundering activities.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The move is pursuant to the MoCA\u2019s action of cancellation of registration of around 2.10 lakh defaulting companies.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It is done to restrict operations of bank accounts of such companies by the directors of such companies or their authorized representatives.<\/span><\/li>\n<\/ul>\n<p><b>Who all are getting monitored?<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">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.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The action by professional institutes such as ICAI, ICSI and ICoAI is being monitored.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>More than 1 lakh directors at shell firms identified for disqualification:\u00a0 Context The Ministry of Corporate Affairs (MoCA) has identified 1.06 lakh directors of &#8216;shell companies&#8217; for disqualification under the relevant provisions of the Companies Act, 2013. Why is it done? To break the network of \u2018shell companies\u2019 and the fight against black money\/money laundering&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/more-than-1-lakh-directors-at-shell-firms-identified-for-disqualification\/\">Continue reading <span class=\"screen-reader-text\">More than 1 lakh directors at shell firms identified for disqualification:\u00a0<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-35180","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704770126},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/35180","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=35180"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/35180\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=35180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=35180"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=35180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}