Government cracks down.
The government will start another drive against shell companies to curtail black money. Government agencies have identified 2,25,910 suspected shell companies along with 7191 LLPs on in Financial Year 2018-19. Finance ministry has declared today the findings and plan of ‘task force’ on shell companies.
Task force has identified the names of 2,26,166 companies through a coordinated multi-agency approach. With its members of Department of Financial Services, CBDT, CBEC, CBI, ED, SFIO, FIU-IND, RBI, SEBI, DG GSTI and DG-CEIB.
In February 2017, the Prime Minister’s Office (PMO) under the joint Chairmanship of the Revenue Secretary and Secretary, MCA have set up a task force to identified shell companies.
"The significant achievements of the Task Force include the compilation of a database of shell companies by SFIO. This database, as on date, comprises three lists -the Confirmed List, Derived List and Suspect List", the finance ministry said in a statement.
The Confirmed List has a total of 16,537 shell companies from the information received from the various Law Enforcement Agencies of the companies found to be involved in illegal activities. DNA revealed this list in way-back of September 2017 and exposed how Air India JV appeared in the shell companies ‘confirmed’ list.
The Derived List has 16,739 companies identified from 100% common directorships with the confirmed shell companies. The Suspect List has 80,670 suspected shell companies and has been drawn up by SFIO using specific Red Flag Indicators. The Task Force has identified certain Red Flag Indicators, which will be used to determine more shell companies.
The Ministry of Corporate affairs will also be launching a public awareness campaign soon to make the public aware of the need to get the registrations of their defunct companies cancelled themselves.
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