55,000 shell firms struck off in Phase II: Chaudhary

The corporate affairs ministry has already struck off over 2.26 lakh firms for non-filing of financial statements or annual returns for a continuous period of two years or more as part of the first phase of the drive. “So far as the shell companies are concerned, in the first phase, we have struck off around 2.26 lakh companies, which were not only non-compliant firms but also most of them were bogus. More than 400 companies were working from a one-room set up.“In the second phase, we have already struck off around 55,000 companies and more are on the anvil,” minister of state for corporate affairs PP Chaudhary said here.

Asserting the Centre does not want the corporate structure to be “misused” by way of money  laundering, drug funding or any illegal actives, Chaudhary said that the Serious Fraud Investigation Office and other enforcement authorities are investigating the issue (shell companies) and taking action wherever required.