Modi govt freezes over 200,000 bank accounts of suspected shell companies

Bank accounts of delisted companies inoperative

The bank accounts of 209,032 suspected shell companies have been frozen, the government said on Tuesday, while advising banks to be cautious about active ones not filing statutory returns.

The Registrar of Companies (RoCs) of 24 jurisdictions have deregistered these firms and because of that “the existing directors and authorised signatories of these companies will now become ex-directors or ex-authorised signatories,” the statement said. 

These individuals will, therefore, not be able to operate the bank accounts of their erstwhile companies till such entities are restored by an order of the National Company Law Tribunal. 

The restoration, as and when it