SHILLONG: As multiple names from the Northeast, including Meghalaya, have come out in the first of its kind ‘name and shame’ exercise by the Centre in the infamous racket involving shell companies, Union Minister of State for Law, Justice and Corporate Affairs, PP Chaudhary said that the Union Government has dissolved many companies who have not filed their returns since the last two years.
Speaking to media persons here on Saturday on the sidelines of the Central Puja Committee (CPC) get together programme, Chaudhary said that the government had issued notices to around 2.57 lakh such companies but almost 2.09 lakh companies did not comply hence they were removed from the register due to non compliance.
Chaudhary informed that directors of companies who have not filed their returns since the last three years have also been disqualified.
He said that all companies which have been targeted may not be shell companies but they have been targeted due to non compliance.
“Data mining is being done, the matter is also being examined to find out who the beneficial owners are and we from the Ministry believe that corporate structure should not be misused so that the issue of black money and money laundering is addressed,” he told reporters.
He also said that the bank accounts of those directors whose names have been struck will be frozen.
He added that after data mining, the government will have details of how many companies did not comply to the norms and how many are defaming the corporate structure.
A shell company is a non-trading entity used as a means for various financial transactions or kept dormant for future use in some other capacity.
The list released by the Ministry of Corporate Affairs gave names of disqualified directors across the nation as well as those associated with struck-off companies including names like Minister Naba Doley from the ruling BJP government in Assam, Sudipta Sen of Sharada Group, businessmen like Rajesh Himatsingka, Shankar Goenka, among others from Guwahati some of whom have businesses both in Meghalaya and Assam.
The companies in Shillong have been disqualified for violation of section 164(2)(a) under Companies Act, 2013.
