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Monday, September 18, 2017

Narendra Modi led NDA Govt. ‘names and shames’ directors of shell companies

In a first-of-a-kind ‘name and shame’ exercise, the 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. 
Former Kerala Chief Minister Oommen Chandy, jailed politician V.K. Sasikala, Leader of the Opposition in the Kerala Assembly Ramesh Chennithala and Gulf-based business tycoon M.A. Yusufali are some of the prominent names figuring in these lists.
Four ‘shell companies’ linked to Sasikala, jailed aide of former Tamil Nadu Chief Minister Jayalalithaa, are among the companies struck off by the Registrar of Companies (RoC) in Chennai.
This follows a MoCA statement on September 12 that as on that day, it had identified 1.06 lakh directors of ‘shell companies’ for disqualification under the relevant provisions of the Companies Act, 2013. 
The move is part of actions to break the network of ‘shell companies’ and further the fight against black money/money laundering, it had said. 
Several Keralite businessmen, leading politicians, top civil servants, and police officers figured in the lists.
Yusufali, a hugely successful non-resident Indian businessman, has been hit by his association with NoRKA-Roots, which plays a key role in firming up policies and strategies for the welfare of non-resident Keralites. The four shell companies with links to Sasikala which have been dissolved include Fancy Steels Private Limited, Rainbow Air Private Limited, Sukraa Club Private Limited and Indo Doha Chemicals and Pharmaceuticals Limited. In May, The Hinduhad reported in detail about the operations of companies linked to Sasikala, her family and friends. As per the information available on the MoCA website, Sasikala, Illavarasi (wife of Sasikala’s late brother Jayaraman) and V. Kulothungan were the directors at Indo Doha Chemicals and Pharmaceuticals Limited.
In Pune, among the 11,285 companies, notable names among the 4,449 disqualified directors include Mahesh Motewar, the chairman and managing director of the scam-hit Samruddha Jeevan Foods India Ltd., flamboyant Pune builder Aniruddha Seolekar of Oxford Suites Pvt. Ltd. and Jyoti Andhalkar of Andhalkar Agro Products Ltd.
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

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