Govt cancells Registration of 1.2 Lakh Shell companies

NewDelhi Jan 17: In a Move to further crackdown black money the Government has decided to cancel the registration of 1.20 lakh Shell companies from ROC and other departments.Sources said that this move is in line with sustained efforts to identify shell companies which have deposited huge amounts in the banks after demonetization.

Earlier the Government had stuck off 2.26 lakh shell companies from the companies list and has barred 3.09 lakh directors. Sources said that more companies registration would be canceled in coming days.

The Prime Minister Narendra Modi had announced demonetization of Rs 500 and Rs 1000 notes in Nov 2016 to reduce black money and corruption in the country and many people have deposited their money in bank accounts using shell companies.