The purpose of this article is Defining Shell Companies in Indian parlance. Though there have been significant actions taken on the Indian companies by their regulators, tax authorities and the company registration offices, in reality there is no clear definition of what shell company is ? Neither the Companies Act 2013,...
Regulator Sebi has ordered a forensic audit of JMD Ventures Ltd (JVL), which figures among 331 ‘suspected shell companies’, after finding prima facie evidence of misuse of the firm’s funds. JMD Ventures Limited was also known by two different names viz. Avtar Finance and Management Consultants and JMD Telefilms. Some...
In the month of March'2017, there was a news that almost 54 Chartered Accountants have come under the radar of the Income Tax department and the Enforcement Directorate over money laundering through shell companies. Professional Chartered Accountants are always found to be the center of various shell company related transactions....
Indian Securities Regulator has imposed trading restrictions on 331 listed entities identified as shell companies. A surprise move that was declared by the regulators as the part of a broad crackdown on illegal offshore transfers and tax evasion. The announcement by the Securities Exchange Board of India (SEBI) did not clarified the nature of...