Context:
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Ministry of Corporate Affairs has identified 1.06 lakh directors of ‘shell companies’ for disqualification under the relevant provisions of the Companies Act, 2013.
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The move is part of actions to break the network of ‘shell companies’ and further the fight against black money/money laundering
In news:
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‘Name and shame’ exercise: Ministry of Corporate Affairs (MoCA) has begun making public the lists of disqualified directors across the nation as well as those associated with struck-off companies.
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The disqualified in the lists are those who are, or had been a director, in a company that has not filed financial statements or annual returns for any continuous period of three financial years. Such directors will not be eligible for re-appointment as a director in that company or for appointment in other companies for five years from the date of non-compliance.