Shell companies crackdown: 4.5 lakh directors may face axe
PTI | Oct 5, 2017, 12:26 IST NEW DELHI: As many as 4.5 lakh directors may face disqualification for their association with shell companies, Union minister P P Chaudhary said today as the government steps up its fight against the black money menace. Asserting that genuine corporates will not face action, the minister of state for corporate affairs said non-compliant companies are tarnishing the image of good ones. As the ministry pushes ahead with the efforts to weed out shell companies -- a term used for entities that have not been carrying out business for long and are allegedly used as conduit for illegal fund flows -- Chaudhary told PTI in an interview that the profile of all disqualified directors will be examined. The ministry has struck off names of 2,17,239 companies from the records as on September 22 as these have not been carrying out business activities for a long period and have also defaulted on compulsory filings while more such firms are likely to face action. &qu