Page 3 - Shell Companies

Black money hunt: Inactive LLPs face heat, nearly 200 face deregistration

Black money hunt: Inactive LLPs face heat, nearly 200 face deregistration

Cracking the shells of Kolkata's 'paper firms'

With enforcement agencies hot on trail of shell cos, city is no longer the Mecca of parallel banking

Unmasking shell companies: How to tighten the screws

Strong monitoring mechanism, along with other measures, may help prevent abuse of shell firms

Shell firms: SAT grants interim relief to J Kumar Infra, Prakash Industries

Trading is expected to resume in these two companies on Friday

Tax liability of Kolkata shell firms stands at Rs 40,000 cr

Shell companies from Kolkata alone have a tax liability of around Rs 40000 crore. According to sources in the income tax department, about Rs 40000 crore is locked as demand at appeals for shell companies in Kolkata, and the number of such companies run into thousands.Notably, out of 331 shell companies identified by Securities and Exchange Board of India (Sebi) and banned from trading on exchanges, nearly 150 are from Kolkata alone. The income tax department had initiated investigations in shell companies from Kolkata about three years back, and at present much of the probe has been completed. A large number of cases pertaining to shell companies is now pending with appellate authorities. Since the beginning of this year, particularly after demonetization, the income tax department had further tightened its noose around shell companies in the city. Meanwhile, the income tax department has also initiated action accounts chartered accountants involved in promoting shell companies. The .

SAT stays trading restrictions on J Kumar Infraprojects, Prakash Industries

These were among 331 suspected shell companies

Suspected shell firms: BSE imposes trade curbs on remaining 5

This, to cover all 167 active stocks from Sebi's list of 331 suspected shell companies

Sebi ban on shell companies: J Kumar Infra, Parsvnath, others move SAT

These companies are seeking a stay on trading restrictions

Rs 13,300 cr transacted via 1,155 shell companies in last 3 yrs: I-T dept

Enforcement Directorate conducted nationwide searched in 16 states on April 1

Registration of over 162,000 companies cancelled: Arun Jaitley

Section 248 provides powers to the RoC to remove the name of a company from the register

Directors of shell companies to face disqualification up to five years

Shell companies are dubious entities that are generally used for laundering illegal wealth

Shell companies crackdown: ED arrests two from Bengaluru, Chennai

ED has frozen bank deposits worth Rs 20 crore in different accounts

Shell companies under our radar: CBDT chief

We will strike shell firms from MCA website and serve it a notice, said Chandra

Shell companies: Task Force to prosecute offenders

Special task force has also sought creation of new red flag indicators by banks

Shell companies' home, next door to police headquarters

Despite multiple hazards, the tenants of Mercantile have a firm belief in its lucky charm

The unmaking of shell companies

Legal experts say revealing the identity of the real owners of such entities must be made mandatory

Kolkata is shell companies' favourite address, taxmen plan major crackdown

Taxmen say almost 90% of such firms are in the city

Govt takes more action against shell companies

PMO sets up panel to monitor actions, share info among enforcement agencies

New tax norms target shell firms, rule to impact auto, pharma, software cos

Fresh PoEM guidelines will affect pharma, energy, automobiles, manufacturing and software companies

US mulls new rule for banks to identify shell firm owners

In the wake of the Panama Papers leak, the US is mulling introduction of a new rule that would require banks to identify owners of shell companies as part of efforts to plug a major loophole in its banking system, according to a media report."The rule is meant to close a major loophole in the American banking system that enables the sorts of secretive financial manoeuvres that were thrust into the spotlight this week with the leak of millions of documents from a law firm in Panama," The New York Times reported on Wednesday.Under existing federal regulations, banks with American branches in the US are required to "know their customers" who open accounts in the country. "But those rules have been significantly weakened because banks have not been required to know the identities of customers who set up accounts in names of shell companies," the daily said.The proposed Customer Due Diligence rule is an attempt to close that loophole, a senior Treasury official said.The new rule will requir