Shell Firms
Palihapitiya to wind down two SPACs as choppy markets drag valuations
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
 "Palihapitiya to wind down two SPACs as choppy markets drag valuations")
Hero MotoCorp tax case: I-T finds Rs 800 cr siphoned off via shell firms
The department also found that 10 acres of farm land in Delhi was purchased through a few paper companies
 "Hero MotoCorp tax case: I-T finds Rs 800 cr siphoned off via shell firms")
PMO calls for freezing of shell firms' bank accounts within two weeks
Finance Secretary S C Garg will chair a meeting on Thursday
 "PMO calls for freezing of shell firms' bank accounts within two weeks")
UP govt launches fight against shell firms, 317 companies face action
According to UP additional chief secretary Alok Sinha, the state government has cancelled registration of 131 firms and lodged FIRs against 45 others
 "UP govt launches fight against shell firms, 317 companies face action")
Sebi refuses to stay audit of suspected shell firm Inter Globe Finance
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
 "Sebi refuses to stay audit of suspected shell firm Inter Globe Finance")
Banned shell firms come under tax scanner; CBDT asks MCA to give details
The tax department has ordered its nodal officers to file cases against shell firms at NCLTs before the end of this month
 "Banned shell firms come under tax scanner; CBDT asks MCA to give details")
What is a shell company? Govt mulls watertight rules to fix irregularities
'shell companies' -- a term generally used for companies that are set up for financial manoeuvre only or are kept dormant for some future use
 "What is a shell company? Govt mulls watertight rules to fix irregularities")
Govt plans to use artificial intelligence to weed out shell firms
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
 "Govt plans to use artificial intelligence to weed out shell firms")
Shell firms deposited, withdrew Rs 17,000 crore after demonetisation
The data, issued by the government, is from 56 banks for 35,000 companies, which had around 58,000 bank accounts
 "Shell firms deposited, withdrew Rs 17,000 crore after demonetisation")
Income-tax department, MCA team up against shell firms
To share PAN data, audit report of companies
 "Income-tax department, MCA team up against shell firms")
'Actual beneficiaries' of shell firms next on Modi govt's hit list
Govt struck off names of over 2 lakh companies that have been lying dormant for years
 "'Actual beneficiaries' of shell firms next on Modi govt's hit list")
Modi govt freezes over 200,000 bank accounts of suspected shell companies
Bank accounts of delisted companies inoperative
 "Modi govt freezes over 200,000 bank accounts of suspected shell companies")
Fresh crackdown: I-T dept finds 2,138 new shell firms
Tax officials have found deposits of Rs 1,321 cr so far and expect amount to swell to Rs 5,000 cr
 "Fresh crackdown: I-T dept finds 2,138 new shell firms")
Sebi softens stand on shell companies, says action based on ministry's list
Hints at revoking ban if exchanges give favourable report
 "Sebi softens stand on shell companies, says action based on ministry's list")
