In crackdown on shell companies, govt disqualifies over 2 lakh directors in 15 days
7 years, 5 months ago

In crackdown on shell companies, govt disqualifies over 2 lakh directors in 15 days

India TV News  

Further tightening the noose around shell companies, the Ministry of Corporate Affairs has disqualified more than two lakh directors within a span of 15 days or not filing their financial statements or annual returns for two consecutive years in violation of the provisions of Companies Act, 2013. According to the ministry officials, a total of 3,19,637 directors were disqualified, while 2,17,239 companies were deregistered. He also said that the numbers they got from banks was very surprising, adding that one shell company has been found to have as many as 2,100 bank accounts. The official also informed that the ministry wrote a letter to the Indian Banks Association on September 8, asking for a reply within a month.

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History of this topic

More than 1 lakh companies removed from the Registrar of Companies for not doing any business for two years
6 years, 2 months ago

More than 1 lakh companies removed from the Registrar of Companies for not doing any business for two years

Op India  

Over 1 lakh companies have been deregistered by the government of India for not carrying on any business activity for a long time, the central government informed on Friday. Replying to the question, the Minister of State for Corporate Affairs P P Chaudhary informed the house that the term ‘shell company’ is not defined in the Companies Act, 2013. Section …

Disqualification Of Directors : Companies Act 2013 Takes Effect Only From FY 2014-15; Gujarat HC Quashes MCA List [Read Judgment]
6 years, 2 months ago

Disqualification Of Directors : Companies Act 2013 Takes Effect Only From FY 2014-15; Gujarat HC Quashes MCA List [Read Judgment]

Live Law  

The Gujarat High Court has quashed the list of disqualified directors published by the Ministry of Corporate Affairs on September 12, 2017. The Court held that Section 164 of the Companies Act is prospective in nature and will take effect only from its date of notification, viz, April 1, 2014.In September 2017, the MCA had published a list of nearly …

Corporate Life Extinguished Without Being Heard: Madras HC Sets Aside RoC’s Order Disqualifying Pvt Firms’ Directors For Non-Filing Of Financial Statements [Read Order]
6 years, 7 months ago

Corporate Life Extinguished Without Being Heard: Madras HC Sets Aside RoC’s Order Disqualifying Pvt Firms’ Directors For Non-Filing Of Financial Statements [Read Order]

Live Law  

The Madras High Court has set aside the disqualification of directors of private companies for failure to file annual returns/ financial statement for three consecutive years saying the same the disqualification was disproportionate to the lapse as the default.Justice T Raja said the Registrar of Companies cannot disqualify directors, over 35,000 in number, for the financial years. By virtue of …

Corporate Life Extinguished Without Being Heard: Madras HC Sets Aside RoC’s Order Disqualifying Pvt Firms’ Directors For Non-Filing Of Financial Statements [Read Order]
6 years, 7 months ago

Corporate Life Extinguished Without Being Heard: Madras HC Sets Aside RoC’s Order Disqualifying Pvt Firms’ Directors For Non-Filing Of Financial Statements [Read Order]

Live Law  

The Madras High Court has set aside the disqualification of directors of private companies for failure to file annual returns/ financial statement for three consecutive years saying the same the disqualification was disproportionate to the lapse as the default.Justice T Raja said the Registrar of Companies cannot disqualify directors, over 35,000 in number, for the financial years. By virtue of …

MCA Constitutes 10 Member Committee To Review Offences Under Companies Act, 2013
6 years, 8 months ago

MCA Constitutes 10 Member Committee To Review Offences Under Companies Act, 2013

Live Law  

The Ministry of Corporate Affairs has constituted a 10-member committee to review the penal provisions in the Companies Act, 2013, and examine the need to decriminalise certain offences.As per an official release, the Committee will be submitting its recommendations within thirty days, and will comprise of: Secretary, Ministry of Corporate Affairs T.K. The Ministry of Corporate Affairs has constituted a …

Over 2.25 lakh organisations may be struck off in FY19 for not filing annual returns, task force to check menace of shell companies
6 years, 9 months ago

Over 2.25 lakh organisations may be struck off in FY19 for not filing annual returns, task force to check menace of shell companies

India TV News  

The Central government has identified over 2.25 lakh companies and 7,191 Limited Liability Partnerships which have not filed their financial statements for financial years 2015-16 and 2016-17. The Ministry of Corporate Affairs has already struck off over 2.26 lakh companies for non- filing of financial statements or annual returns for a continuous period of 2 years or more. Moreover, over …

Over 2.25 lakh companies may be struck off in FY19 for not filing annual returns
6 years, 9 months ago

Over 2.25 lakh companies may be struck off in FY19 for not filing annual returns

Hindustan Times  

The government on Friday said it has identified over 2.25 lakh companies and 7,191 LLPs which have not filed their financial statements for financial years 2015-16 and 2016-17, and they may be struck off from the register of companies during the current financial year. The Ministry of Corporate Affairs has already struck off over 2.26 lakh companies for non- filing …

Shell companies: Govt may provide relief for disqualified directors
7 years, 3 months ago

Shell companies: Govt may provide relief for disqualified directors

Live Mint  

Mumbai: The ministry of corporate affairs, or MCA, will soon notify a scheme to provide relief to over 300,000 directors disqualified for associating with companies that failed to file their financial results, said two people with knowledge of the matter. After submitting pending documents these companies and their directors will be able to get relief from the strictures,” this person …

Shell companies: Politicians, businessmen figure in govt’s list of disqualified Directors
7 years, 6 months ago

Shell companies: Politicians, businessmen figure in govt’s list of disqualified Directors

India TV News  

In a first of its kind exercise by the government as part of its ongoing clampdown on shell companies and money-laundering, the Ministry of Corporate Affairs on Tuesday began making public lists carrying names of directors disqualified and those associated with companies whose licenses have been scrapped. The development follows a statement in this regard by the ministry on September …

Crackdown on shell companies: Government to disqualify over 1.06 lakh directors
7 years, 6 months ago

Crackdown on shell companies: Government to disqualify over 1.06 lakh directors

India TV News  

Further tightening the noose around black money hoarders, the government has said that more than 1.06 lakh directors will be disqualified for their association with shell companies. The ministry has "identified 1,06,578 directors for disqualification under Section 164 of the Companies Act, 2013 as on September 12, 2017," an official release said. Possibility of using the shell companies for laundering …

In a big crackdown on black money, govt blacklists 3 lakh directors of shell companies
7 years, 6 months ago

In a big crackdown on black money, govt blacklists 3 lakh directors of shell companies

Op India  

The ministry of Corporate Affairs on Wednesday barred about 3 lakh directors of companies which have defaulted on statutory compliance. Apart from this, the government has also removed 2 lakh shell companies from the Registrar of Companies and has also put restrictions on their bank accounts. The ministry has also reportedly claimed that it is tracking the action regulatory agencies …

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