इंडियन आवाज़     14 Apr 2024 07:19:07      انڈین آواز

SIT on black money calls for more vigilance to check shell companies

(Last Updated On: 04/11/2015)


Special Investigation Team, SIT on black money has called for more vigilance by law enforcement and intelligence agencies, with regard to companies which are operating from same address. The SIT in its third report on black money dealing with Shell Companies and Beneficial Ownership noted that over 2600 persons are directors on more than 20 companies which is violation of Companies Act.

The report said, at least 20 companies are operating from the same address at 345 place. Finance Ministry in a release said, as per the provisions of erstwhile Companies Act, 1956, more than 77,000 companies were found violating the norms relating to Directorship.

The SIT, headed by a retired Supreme Court judge has suggested proactive detection of creation of shell companies and deterrent penal action against persons involved in such activities. The Team has also requested the Ministry of Corporate affairs to take necessary action with respect to violation of the Companies Act.

The SIT was notified last year by the government on the directions of the Supreme Court to go deeper into the cases of black money where Indians have stashed their assets abroad and also suggest policy measures to combat the illegal activity.

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