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Stricter Norms for Corporate Governance: Punishment for Siphoning off Money from Bank Accounts of “Struck Off” Companies; Disqualifation of Directors from Being Appointed or Reappointed in Companies MoS (CA) Shri P P Chaudhary: Exercise of Weeding Out Shell Companies Would not Only Help in Checking the Menace of Black Money But Would Also Promote Ease of Doing Business & Enhancing Investors’ Confidence

News and Press Release - Dated:- 6-9-2017 - Press Information Bureau Government of India Ministry of Corporate Affairs 06-September-2017 18:51 IST In continuation of the Government s resolve to strengthen the rules and procedures of Corporate Governa .....

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she may attract punishment of imprisonment of not less than six months extendible to 10 years. If it is found that the fraud involves public interest, the punishment shall not be less than 3 years and fine may also be imposed which would be three tim .....

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uch companies and they cannot siphon off money from the accounts of these struck off companies. However, even prior to such action, if they have siphoned off any money, strict action would still be taken against them. In a Review Meeting chaired by t .....

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as Director or from being reappointed as Director in any of the companies where they had been Directors, thereby compelling them to vacate office. It is expected that as a result of this exercise, at least two to three lakh of such disqualified Dire .....

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l Companies. Profiles of Directors such as their background, antecedents and their role in the operations/functioning of these companies are being compiled in collaboration with enforcement agencies. Identification of more Shell Companies is also in .....

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ICAI, ICSI and ICAoI are being monitored. The MoS (Corporate Affairs) Shri Chaudhary said that as a result of the exercise of weeding out shell companies, it would not only help in checking the menace of black money but also would promote an ecosyste .....

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frauds and tax evasion. Further, the availability of funds for illegal purposes will also be choked. Shri Chaudhary concluded that the interest of stakeholders would be fully protected and the image of the country in the global business arena and fo .....

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nistry of Finance had directed all the Banks to restrict operations of bank accounts of such companies by the Directors of such companies or their authorized representatives. The decision to restrict the operation of the bank accounts of such shell c .....

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