Non-compliance to be 'costly' for firms: Govt

About the ongoing action with respect to suspected shell companies, Corporate Affairs Secretary Injeti Srinivas said investigations are being carried out with urgency

Sending out a strong message to corporate houses, the government has said non-compliance would be “very costly” and strong deterrents would be there to curb the dangerous adventure of using companies for wrongful purposes.

Continuing the clampdown on illicit fund flows, the Ministry of Corporate Affairs has already struck off more than 224,000 companies that have not been doing business for long and has disqualified over three lakh directors associated with such entities.

Against this backdrop, Corporate Affairs Secretary Injeti Srinivas said things were being simplified for legitimate businesses, while checks were being strengthened against illegal business activities. 

“It should be very easy