2.26 lakh shell companies struck off by govt

New Delhi, Dec 22 (GCBusiness) Around 2.26 lakhs companies were struck off from the register of companies in the first drive undertaken by the Government, official sources said here.

The Government has set up a Special Task Force to look into the issue of shell companies which in turn has recommended the use of certain red flag indicators as alerts for identification of shell companies as the term ‘shell company’ has not been defined under the Income-tax Act, 1961 or under the Companies Act, 2013.

Accordingly, the Government has undertaken a special drive for identification and strike-off of companies by following due process of law.

Similarly, 1,00,150 companies were struck off in the second drive, the sources said.

Further, 3.09 lakh directors were also disqualified under the Companies Act, 2013 for non-filing of Financial Statements or Annual Returns for continuous period of three financial years by the companies.

Central Bureau of Investigation (CBI) has registered 91 cases against 632 shell companies during the last 3 years (2015, 2016 and 2017) and 2018 (up to 30.11.2018).

Via UNI-India

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