Shell Firms

The firms went public in October 2020 and raised $460 mn and $1.15 bn, respectively, which they intended to invest in businesses in the technology sector

The department also found that 10 acres of farm land in Delhi was purchased through a few paper companies

Finance Secretary S C Garg will chair a meeting on Thursday

According to UP additional chief secretary Alok Sinha, the state government has cancelled registration of 131 firms and lodged FIRs against 45 others

IGFL is among the firms against whom Sebi initiated action in Aug 2017 by ordering trading restrictions after it received a list of 331 suspected shell companies

The tax department has ordered its nodal officers to file cases against shell firms at NCLTs before the end of this month

'shell companies' -- a term generally used for companies that are set up for financial manoeuvre only or are kept dormant for some future use

Under the Companies Act, 2013, companies can be struck off the register if they do not file financial returns for a continuous period of three years

The data, issued by the government, is from 56 banks for 35,000 companies, which had around 58,000 bank accounts

To share PAN data, audit report of companies

Govt struck off names of over 2 lakh companies that have been lying dormant for years

Bank accounts of delisted companies inoperative

Tax officials have found deposits of Rs 1,321 cr so far and expect amount to swell to Rs 5,000 cr

Hints at revoking ban if exchanges give favourable report