Action Black Money: Over 1 lakh directors of shell companies soon to get disqualified

New Delhi, September 13: Government has identified more than one lakh directors of shell companies for disqualification following cancellation of registration of nearly 2.1 lakh companies last week.

“The disqualification under Section 164 of the Act is by operation of law. We are identifying the defaulting directors of these shell companies. My officers have assured me that by the end of this month, we would be ready with the relevant details of all defaulting directors of these shell companies,” the minister said.

The Ministry of Corporate Affairs said, government is also keeping a close watch on the money laundering activities of the remaining 11 lakh active companies. It said, the Ministry is further analyzing the data of these companies to identify the Directors and the significant beneficial interests behind these companies.

“Profiles of directors such as their background, antecedents and their role in the operations/functioning of these companies are also being compiled in collaboration with the enforcement agencies,” the release said.

Further, money laundering activities performed under the aegis of these companies are also under the scanner, it said.