Fight against black money: When the empire strikes back

Author spoke to experts to decode the legal implications for debarred companies and their directors

How has the government tightened the screws on illicit flow of funds through use of shell/inactive companies?
 
The ministry of corporate affairs has struck from the records the names of around 209,000 companies found to be without any business activity or those that have not filed financial statements for three years or more.
 
Subsequently, banks have been directed to freeze the accounts of these companies.
 
The directors or the authorised signatories of such companies have been restricted from operating company bank accounts. Those who try to siphon money from company bank accounts could face imprisonment of up