Subscribe   |   Unsubscribe   |   Forward to a Friend   |     
Commercial Laws
Over 100,000 shell firm directors disqualified for five years

In a fresh crackdown, the Ministry of Corporate Affairs has disqualified 106,578 directors for their association with shell firms. This comes just a few days after bank accounts of around 200,000 shell companies were frozen. The directors identified for disqualification would not only be debarred from their respective boards but also from other companies for five years. It is learnt that more directors are under the scanner. Last Wednesday, the ministry had said a decision had been taken to blacklist 300,000 directors of shell firms.The ministry has said action would also be taken against some members of the Institute of Chartered Accountants of India (ICAI), Institute of Company Secretaries of India (ICSI), and other associations involved with these shell companies. These institutions have been told that they are being monitored.

News Source:- http://www.business-standard.com/article/companies/shell-cos-crackdown-over-100-000-directors-to-be-disqualified-for-5-yrs-117091201423_1.html