Shell companies

Income Tax Department raids premises of Chinese entities, local contacts in money laundering case

Search action was conducted at various premises of these Chinese entities, their close confederates, and a couple of bank employees in Delhi, Gurugram, and Ghaziabad.

Aug 11, 2020, 22:40 PM IST

Pakistani money in Swiss banks down by one-third to hit record low

The Pakistani money in Swiss banks had fallen by over 20 percent in 2017 (to CHF 1,115 million) and by 6 percent in 2016. Before that in 2015, these funds had risen 16 percent.

Jun 28, 2019, 10:44 AM IST

Shell companies crackdown: MCA to nail several accounts, take stern action

The Serious Fraud Investigation Office has also started probe into a few cases related to these companies.

Mar 13, 2018, 12:24 PM IST

Non-compliance to be 'very costly' for companies: Govt

Continuing the clampdown on illicit fund flows, the Ministry of Corporate Affairs has already struck off more than 2.24 lakh companies that have not been doing business for long and has disqualified over three lakh directors associated with such entities.

Dec 26, 2017, 18:38 PM IST

Over 60,000 shell companies closed down in Maharashtra: Govt

Over 60,000 shell companies have been closed down in Maharashtra so far, industries minister Subhash Desai stated in a written reply in the Maharashtra state assembly.

Dec 13, 2017, 15:52 PM IST

Benami assets: I-T dept scanning profiles of property registered over Rs 30 lakh

The Income Tax Department started initiating actions under the new Benami Transactions (Prohibition) Amendment Act, 2016 from November 1 last year.

Nov 14, 2017, 22:44 PM IST

Demonetisation: Hundreds of shell companies may face criminal action

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

Oct 23, 2017, 07:53 AM IST

Crackdown on shell companies: 4.5 lakh directors may face axe

Union minister P P Chaudhary on Thursday said that the government will examine profiles of all disqualified directors and non-compliant companies which are tarnishing image of good ones

Oct 05, 2017, 11:58 AM IST

MCA disqualifies more than 2 lakh directors of shell companies within 15 days

After the recent crackdown, the total number of directors disqualified by MCA has reached three lakhs.

Oct 03, 2017, 22:35 PM IST

Shell companies clampdown: Sebi for forensic audit of 3 more firms

The regulator is of the view that a detailed examination or audit should be undertaken to unearth the entire extent of violations.

Sep 22, 2017, 16:31 PM IST

Sebi board to take stock of suspected shell cos on Monday

Those under scanner include over 300 listed companies as also hundreds of unlisted entities and individuals, suspected to be misusing the stock exchange platform for tax evasion, among other wrongdoings, a senior official said.

Sep 17, 2017, 14:52 PM IST

Suspected shell cos: Sebi for forensic audit of JMD Ventures

JVL is at least the eighth firm against which the Securities and Exchange Board of India (Sebi) has ordered a forensic audit.

Sep 15, 2017, 18:50 PM IST

Crackdown on shell companies: Tax dept, MCA to share PAN, audit reports

The MCA is in the process of cancelling the registration of 2.09 lakh companies that have not been carrying out business activities for a long period.

Sep 14, 2017, 16:29 PM IST

Auditors come under lens amid crackdown on shell companies

Government said more than 1.06 lakh directors would be disqualified for their association with shell companies.

Sep 13, 2017, 16:05 PM IST

Shell cos crackdown: Govt to disqualify over 1 lakh directors

More than 1.06 lakh directors will be disqualified for their association with shell companies, according to the government, as it steps up the fight against black money.

 

Sep 12, 2017, 18:31 PM IST

CBI books 19 companies for sending over 400 crore abroad

It is alleged that during the year 2015, unidentified officials of Punjab National Bank (PNB), Mint Street branch, Chennai, entered into a criminal conspiracy with 19 accused companies which were account holders in the branch.

Sep 09, 2017, 19:54 PM IST

Suspected shell firms: Sebi orders forensic audit of Hit Kit

Earlier this week, the Securities and Exchange Board of India (Sebi) had ordered forensic of two other such companies -- Kavit Industries and GV Films, while revoking trading curbs on their shares.

Sep 08, 2017, 19:22 PM IST

Black money crackdown: Directors of deregistered companies to face up to 10-year jail for siphoning off funds

It was also decided that the directors of shell companies which have not filed returns for three or more years would be disqualified from holding such position in any other firm.

 

 

 

Sep 06, 2017, 20:06 PM IST

Black money crackdown: Disqualified directors barred from submitting documents to MCA

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

Sep 06, 2017, 18:53 PM IST

Crackdown on black money: Over 2 lakh companies deregistered; bank accounts frozen, says government

The statement further said that banks have been asked to employ 'enhanced diligence while dealing with companies' and keep a watch on companies which are defaulting in filing financial statements or annual returns.

Sep 05, 2017, 17:20 PM IST