MCA zeroes in on 225,000 more suspected shell companies

P P Chaudhary said the ministry had received a report from the Institute of Chartered Accountants of India (ICAI) on systemic issues that led to the PNB fraud

The government is intensifying its drive against shell companies. After taking action against 226,000 shell companies last year, the Ministry of Corporate Affairs has now zeroed in on another 225,000 suspected shell companies. The ministry has sent notices to these companies, asking whether they had filed statutory financial returns. 

Minister of State for Corporate Affairs P P Chaudhary told Business Standard that companies had been given a chance to respond to the notices.

On the Rs 139-billion Punjab National Bank fraud, Chaudhary said the Serious Fraud Investigation Office (SFIO) was probing 107 companies and seven limited liability partnerships (LLPs) belonging