60000 SHELL Companies deposited Rs 21000 crore during demonetisation
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The bank details of these companies reveal that Rs 21,000 crore was deposited post-demonetisation and were withdrawn subsequently raising doubts that some of these companies were involved in laundering of unaccounted cash after demonetisation on 8 November 2016.
According to the corporate affairs ministry, the Serious Fraud Investigation Office (SFIO) is investigating 18 companies found to have deposited above Rs 100 crore and 39 companies found have deposited more than Rs 25 crore (but not more than Rs 100 crore). One of these companies deposited Rs 3,700 crore and another deposited Rs 2,300 crore.
The government has cancelled registration of 2.24 lakh non-compliant companies and disqualified over 3 lakh directors under different provisions of the Companies Act, 2013. Disqualification of directors have raised eyebrows with many blaming the government of being too harsh on them.
However, Minister of Corporate Affairs PP Chaudhary, says that the action was taken in accordance with the provision of Companies Act. He, says, that the government had given these companies eight months time to file their returns and come clean. However, only 60,000 companies came forward and filed their returns.
On the question of if genuine directors and companies have also suffered because of the government's decision, the minister says that if that was the case then there would have been a flurry of litigations in different forums against the move. However, according to him, only 100-odd cases have come to NCLT and over 70 companies have approached high courts against the move.
The minister, however, reiterated that the government does not see all the deregistered companies as shell companies involved in money laundering. He, however, said that all companies are under scrutiny for any wrong-doing. #casansaar (Source - PTI, BusinessToday)
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