| Log in
Photo Credit: Thinkstock

Govt cracks down on directors of shell companies

07 September, 2017

Directors of Indian shell companies that have not filed tax returns for at least three years have been disqualified from re-appointment or from being appointed to similar roles elsewhere, India’s finance ministry said on Wednesday.

The move, part of a crackdown on illegal transactions and tax evasion, comes a day after authorities froze the bank accounts of 209,032 suspected shell companies.

In a statement, the ministry said the latest action would disqualify as many as 300,000 directors.

Tax officials say shell companies – which have no active business operations or assets – are used to obscure ultimate beneficiaries, conceal political investment, evade tax, commit fraud or manipulate tenders.

Like this report? Sign up for our daily newsletter to get our top reports.


Leave Your Comment
Govt freezes bank accounts of over 2 lakh suspected shell companies

Govt freezes bank accounts of over 2 lakh suspected shell companies

Reuters 3 months ago
India has frozen the bank accounts of 209,032 suspected shell companies as part...
India to tax capital gains under revised Mauritius treaty

India to tax capital gains under revised Mauritius treaty

TEAM VCC 2 years ago
India will get the right to tax capital gains on investments after April 2017...
SEBI cracks down on shell companies in surprise move

SEBI cracks down on shell companies in surprise move

Reuters 4 months ago
India imposed trading restrictions on 162 listed entities identified as shell...
No Comments

Govt cracks down on directors of shell companies

Powered by WordPress.com VIP