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Major Points out of Press Conference of FM Mr. Arun Jaitley on outcome of SIT on Shell Companies

1) SIT(Special Investigation Team) in 3rd report had made recommendations with  respect to Shell Companies & Beneficial Ownership.

2) It is observed that 2627 persons are holding Directorship in more than 20 Companies in violation to Companies Act, 2013.

3) The total number of Companies involved is 77696.

4) A total of 345 addresses have at least 20 Companies operating from the same address.

5) The total number of Companies sharing their address with at least 19 more Companies are 13581 in number.

6) SIT has desired greater vigilance is accorded by law enforcement agencies like CBDT, CBEC, ED in examining the operations of such Companies.

7) SIT has requested Ministry of Company affairs to take necessary action with respect to violation of the Companies Act noted above.

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eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.

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