Stricter Norms for Corporate Governance: Punishment for Siphoning off Money from Bank Accounts of “Struck Off” Companies; Disqualifation of Directors from Being Appointed or Reappointed in Companies MoS (CA) Shri P P Chaudhary: Exercise of Weeding Out Shell Companies Would not Only Help in Checking the Menace of Black Money But Would Also Promote Ease of Doing Business & Enhancing Investors’ Confidence

Stricter Norms for Corporate Governance: Punishment for Siphoning off Money from Bank Accounts of “Struck Off” Companies; Disqualifation of Directors from Being Appointed or Reappointed in Companies MoS (CA) Shri P P Chaudhary: Exercise of Weeding Out Shell Companies Would not Only Help in Checking the Menace of Black Money But Would Also Promote Ease of Doing Business & Enhancing Investors’ Confidence https://www.taxtmi.com/news?id=18765 Criminal penalties are prescribed for unauthorized siphoning from struck-off companies' bank accounts, banks are directed to restrict directors and authorized signatories from operating such accounts, and retrospective action may be taken where siphoning already occurred. Directors of companies failing to file returns for the prescribed period will be disqualified from appointment or reappointment; authorities will profile directors, identify beneficiaries of shell companies, coordinate with enforcement agencies, and monitor professional disciplinary measures to weed out shell companies and curb illicit fund flows. en-us Wed, 06 Sep 2017 19:01:43 +0530 Wed, 06 Sep 2017 19:01:43 +0530 TaxTMI RSS Generator Stricter Norms for Corporate Governance: Punishment for Siphoning off Money from Bank Accounts of “Struck Off” Companies; Disqualifation of Directors from Being Appointed or Reappointed in Companies MoS (CA) Shri P P Chaudhary: Exercise of Weeding Out Shell Companies Would not Only Help in Checking the Menace of Black Money But Would Also Promote Ease of Doing Business & Enhancing Investors’ Confidence https://www.taxtmi.com/news?id=18765 Criminal penalties are prescribed for unauthorized siphoning from struck-off companies' bank accounts, banks are directed to restrict directors and authorized signatories from operating such accounts, and retrospective action may be taken where siphoning already occurred. Directors of companies failing to file returns for the prescribed period will be disqualified from appointment or reappointment; authorities will profile directors, identify beneficiaries of shell companies, coordinate with enforcement agencies, and monitor professional disciplinary measures to weed out shell companies and curb illicit fund flows. News - Wed, 06 Sep 2017 19:01:43 +0530 https://www.taxtmi.com/news?id=18765