India cracks down on directors of shell companies
Wed Sep 06 2017
Mark Cooper (2191 articles)

India cracks down on directors of shell companies

 Directors of Indian shell companies that have not filed tax returns for at least three years have been disqualified from re-appointment or from being appointed to similar roles elsewhere, India’s finance ministry said on Wednesday.

The move, part of a crackdown on illegal transactions and tax evasion, comes a day after authorities froze the bank accounts of 209,032 suspected shell companies.

In a statement, the ministry said the latest action would disqualify as many as 300,000 directors.

Tax officials say shell companies – which have no active business operations or assets – are used to obscure ultimate beneficiaries, conceal political investment, evade tax, commit fraud or manipulate tenders.


Mark Cooper

Mark Cooper

Mark Cooper is Political / Stock Market Correspondent. He has been covering Global Stock Markets for more than 6 years.


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