Corporate Fraud

Centre to disqualify over one lakh company directors for their association with shell firms

The government has also asked banks to restrict the operation of the companies’ accounts by the disqualified directors.

The Centre on Tuesday said it would disqualify over 1.06 lakh company directors for their association with shell firms, PTI reported. The corporate affairs ministry has “identified 1,06,578 directors for disqualification under Section 164(2)(a) of the Companies Act, 2013 as on September 12, 2017,” an official release said. The government has also asked banks to restrict the operation of the companies’ accounts by the disqualified directors.

The ministry said that it is analysing the data of the 2.09 lakh firms available with the Registrar of Companies to identify such directors. “Profiles of directors such as their background, antecedents and their role in the operations/functioning of these companies are also being compiled in collaboration with the enforcement agencies,” the release said. Money laundering activities conducted under the aegis of these companies are being examined.

The ministry has also identified chartered accountants, cost accountants, company secretaries and other professionals associated with the shell companies.

The Centre had on September 6 barred three lakh directors of companies, which defaulted on laws related to their functioning, from serving on the boards of other firms. The Centre also warned of action against those who divert funds from firms delisted by the Registrar of Companies.

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