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Harsh punitive actions to be taken against the deviant Shell Companies including freezing of Bank Accounts striking off the names of dormant companies invocation of Benami Transactions (Prohibition) Amendment Act 2016;

News and Press Release - Dated:- 11-2-2017 - A Task Force set-up under the Co-chairmanship of the Revenue Secretary and Corporate Affairs Secretary with members from various regulatory Ministries and Enforcement Agencies to monitor the actions taken against deviant shell companies by various agencies. A Meeting was held today in Prime Minister s Office (PMO) along with the Senior Officers of various Departments to review the functioning of Shell Companies (companies which does not conduct any op .....

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al, high reserves & surplus on account of receipt of high share premium, investment in unlisted companies, no dividend income, high cash in hand, private companies as majority shareholders, low turnover & operating income, nominal expenses, nominal statutory payments & stock in trade, minimum Fixed Asset. In a small sample analysis of such companies, it has been found that ₹ 1,238 crore cash has been deposited in these entities during November-December period. Serious Fraud Inv .....

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India (ICAI). Income Tax Department has reopened completed assessment in these cases and Enforcement Directorate has initiated action under Prevention of Money Laundering Act (PMLA), 2002. ICAI has also initiated disciplinary proceedings against its members. Winding up process has been initiated in respect of 49 Shell Companies. In order to create a credible deterrence a Whole of Government Approach will be adopted through coordinated efforts and by leveraging technology. It has also been decid .....

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