The Ministry of Corporate Affairs (MCA) has in September taken stricter measures against more than 100,000 shell companies and their directors. On September 5 banks have been issued instructions by the Department of Financial Services to ensure that all the directors (ex) or their authorised signatories are restricted from operating the bank accounts of such companies and that they cannot siphon off money from these accounts.
There is also concerted action by the MCA and the Central Board of Direct Taxes to unearth unreported income or use of such companies during demonetisation for ...
TO READ THE FULL STORY, SUBSCRIBE NOW NOW AT JUST Rs
Key stories on business-standard.com are available to premium subscribers only.
Already a premium subscriber? LOGIN NOW
First Published: Tue, October 31 2017. 22:39 IST
