The government has said on Friday that the registration of nearly 1,78,000 shell companies has been canceled. Also, SEBI has also been notified about certain companies. In the Lok Sabha, Finance Minister Arun Jaitley has assured the House and said that in recent times action has been taken against Shell companies and it will be done further. Arun Jaitley has said that no word like Shell Company has been defined in the Companies Act. But this is the kind of companies that do not do business and are merely medium of money laundering.
Jaitley says that in cases of such companies, action is taken not only through corporate law but also through benami law and income tax law. He said that the government has canceled the registration of 1,78,000 companies. Also, SEBI has been informed about some such companies, due to which the market is going up.
Jaitley says that in cases of such companies, action is taken not only through corporate law but also through benami law and income tax law. He said that the government has canceled the registration of 1,78,000 companies. Also, SEBI has been informed about some such companies, due to which the market is going up.
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