The SIT is set to file its third report on black money before the apex court on Wednesday (today).
To tighten the noose against companies flouting laws to stash away black money, the Supreme Court (SC)-appointed Special Investigating Team (SIT) has asked the corporate affairs ministry to furnish a list detailing the number of companies registered on a single address.
The SIT is set to file its third report on black money before the apex court on Wednesday (today).
A government source told dna that the SIT has also sought details of how many persons are directors in more than 20 companies. Under the Companies Act, one person is allowed to be director in 20 companies. If a person exceeds this number, there is a grace period of one year. If he does not resign after the expiry of this grace period, a penalty ranging from Rs 5,000 to 25,000 per day can be imposed.
In a recent SIT meeting, attended by vice-chairman Justice Arijit Pasayat and other members, including the senior officers from Central Board of Direct Taxes (CBDT), Enforcement Directorate (ED) and Income-Tax (I-T), the possible hawala transactions taking place in these company addresses, apparently not genuine, were discussed. Declared unaccounted wealth of companies by September 30 and the number of people on company boards were also discussed.
The SIT asked the ED and I-T officials to act against these companies and the directors.
The SC had set up the SIT on June 2011 to to bring back black money stashed away by Indians in various banks abroad, following a Public Interest Litigation (PIL) by noted lawyer Ram Jethmalani.
As per the finance ministry, unaccounted money worth Rs 4,147 were declared by September 30, the last day of a compliance window to declare black money salted away overseas.
The individuals who declared this money include doctors, engineers and former senior managers who used to work overseas. These professionals formed the biggest chunk of those who declared unaccounted money.
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 "Black money SIT wants list of companies registered on single address")
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