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Legal experts split hairs on definition of shell companies

Experts say using shell firms does not signify illegality of tax abuse and regulatory provisions

Sudipto Dey  |  New Delhi 

Legal and corporate governance experts are having a tough time fleshing out the ambiguities in the definition of a shell company, following the Securities and Exchange Board of India’s (Sebi’s) decision to restrict trading in 331 of them. Many say it is important to separate genuine shell companies from the rouges. A view that is gathering momentum in the legal fraternity is to give the promoters of suspect shell companies a chance to defend themselves before any action is taken against them. Experts say using shell companies is a legitimate global practice and does ...

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