TFIPOST हिन्दी
TFIPOST Global
Tfipost.com
Tfipost.com
No Result
View All Result
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    Delhi High Court

    Delhi High Court Affirms Dismissal of Christian Army Officer for Refusing to Join Weekly Regimental Religious Parades

    INDIA : A New Kind of Superpower

    INDIA : A New Kind of Superpower

    Lokayukta Raids Properties of Karnataka Government Officials Across 7 Districts in Disproportionate Assets Probe

    Lokayukta Raids Properties of Karnataka Government Officials Across 7 Districts in Disproportionate Assets Probe

    PM Narendra Modi with Armed Forces Personnel after 'Operation Sindoor',

    How Modi’s ‘Delegation Strategy’ Turned into Foreign Policy and Domestic Political Win

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    Global economic outlook worsens but India seen as growth driver: WEF report

    Global economic outlook worsens but India seen as growth driver: WEF report

    Benefits of Using a Bajaj Finserv Insta EMI Card for Shopping

    Benefits of Using a Bajaj Finserv Insta EMI Card for Shopping

    Understanding the differences between BTC season and altcoin season

    Understanding the differences between BTC season and altcoin season

    Best ₹1 Crore Term Plans with Return of Premium: Benefits vs Cost

    Best ₹1 Crore Term Plans with Return of Premium: Benefits vs Cost

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    Mock Drills Under ‘Operation Shield’ Scheduled Today in Border States and UTs

    Mock Drills Under ‘Operation Shield’ Scheduled Today in Border States and UTs

    New Delhi: Indian Army Brahmos Missile System during a rehearsal for Republic Day Parade, in New Delhi on Friday, January 20, 2023. (Photo: Anupam Gautam/IANS)

    India’s Defence Manufacturing Set to Reach ₹8.8 Lakh Crore by 2047: CII-KPMG Report

    Top Naxal Leader Hidma Nabbed in Odisha in Coordinated Security Sweep

    Top Naxal Leader Hidma Nabbed in Odisha in Coordinated Security Sweep

    Mock Drills to Be Held Tomorrow in States Bordering Pakistan

    India’s Major Preparations After ‘Operation Sindoor’! Mock Drills to Be Held Tomorrow in States Bordering Pakistan

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Colombia Withdraws Statement Condoling Terrorists Killed in 'Operation Sindoor'

    Colombia Withdraws Statement Condoling Terrorists Killed in ‘Operation Sindoor’

    Elon Musk

    Elon Musk Steps Down from DOGE Role, Criticizes Trump’s ‘Big Beautiful Bill’

    Bangladesh Supreme Court Frees Jamaat Leader Azharul Islam Behind 1971 Bangladeshi Hindu Genocide

    Bangladesh Supreme Court Frees Jamaat Leader Azharul Islam Behind 1971 Bangladeshi Hindu Genocide

    Pakistan’s Nuclear Ambition: A Costly Shield Fueling Economic Woes

    Pakistan’s Nuclear Ambition: A Costly Shield Fueling Economic Woes

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • Education
    • History
    • Indology
    How to Decide Between Amity and Manipal for Your Online MBA Journey

    How to Decide Between Amity and Manipal for Your Online MBA Journey

    Mughals, Delhi Sultans Out, Fresh Chapters on Indian Rulers, Mahakumbh Introduced: NCERT revises Class 7 books

    Mughals, Delhi Sultans Out, Fresh Chapters on Indian Rulers, Mahakumbh Introduced: NCERT revises Class 7 books

    Role of Consultants to Study in Ireland: How to Choose the Right One?

    Role of Consultants to Study in Ireland: How to Choose the Right One?

    The Complete Guide to Education Loan Interest Rates in 2025

    The Complete Guide to Education Loan Interest Rates in 2025

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Entertainment
    • Food
    • Games
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    Cricket – More Than Just a Bat and Ball

    Cricket – More Than Just a Bat and Ball

    Lazer247 India – Best Online Sports Betting and Casino Platform

    Lazer247 India – Best Online Sports Betting and Casino Platform

    Adjustable Folding Adirondack Chair With Cup Holder – Customizable Support For Ultimate Relaxation

    Adjustable Folding Adirondack Chair With Cup Holder – Customizable Support For Ultimate Relaxation

    1win कैसीनो गेम्स: जब दांव से पहले रिवाज़ बन जाते हैं आदत और खेल का हिस्सा

    1win कैसीनो गेम्स: जब दांव से पहले रिवाज़ बन जाते हैं आदत और खेल का हिस्सा

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
Tfipost.com
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    Delhi High Court

    Delhi High Court Affirms Dismissal of Christian Army Officer for Refusing to Join Weekly Regimental Religious Parades

    INDIA : A New Kind of Superpower

    INDIA : A New Kind of Superpower

    Lokayukta Raids Properties of Karnataka Government Officials Across 7 Districts in Disproportionate Assets Probe

    Lokayukta Raids Properties of Karnataka Government Officials Across 7 Districts in Disproportionate Assets Probe

    PM Narendra Modi with Armed Forces Personnel after 'Operation Sindoor',

    How Modi’s ‘Delegation Strategy’ Turned into Foreign Policy and Domestic Political Win

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    Global economic outlook worsens but India seen as growth driver: WEF report

    Global economic outlook worsens but India seen as growth driver: WEF report

    Benefits of Using a Bajaj Finserv Insta EMI Card for Shopping

    Benefits of Using a Bajaj Finserv Insta EMI Card for Shopping

    Understanding the differences between BTC season and altcoin season

    Understanding the differences between BTC season and altcoin season

    Best ₹1 Crore Term Plans with Return of Premium: Benefits vs Cost

    Best ₹1 Crore Term Plans with Return of Premium: Benefits vs Cost

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    Mock Drills Under ‘Operation Shield’ Scheduled Today in Border States and UTs

    Mock Drills Under ‘Operation Shield’ Scheduled Today in Border States and UTs

    New Delhi: Indian Army Brahmos Missile System during a rehearsal for Republic Day Parade, in New Delhi on Friday, January 20, 2023. (Photo: Anupam Gautam/IANS)

    India’s Defence Manufacturing Set to Reach ₹8.8 Lakh Crore by 2047: CII-KPMG Report

    Top Naxal Leader Hidma Nabbed in Odisha in Coordinated Security Sweep

    Top Naxal Leader Hidma Nabbed in Odisha in Coordinated Security Sweep

    Mock Drills to Be Held Tomorrow in States Bordering Pakistan

    India’s Major Preparations After ‘Operation Sindoor’! Mock Drills to Be Held Tomorrow in States Bordering Pakistan

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Colombia Withdraws Statement Condoling Terrorists Killed in 'Operation Sindoor'

    Colombia Withdraws Statement Condoling Terrorists Killed in ‘Operation Sindoor’

    Elon Musk

    Elon Musk Steps Down from DOGE Role, Criticizes Trump’s ‘Big Beautiful Bill’

    Bangladesh Supreme Court Frees Jamaat Leader Azharul Islam Behind 1971 Bangladeshi Hindu Genocide

    Bangladesh Supreme Court Frees Jamaat Leader Azharul Islam Behind 1971 Bangladeshi Hindu Genocide

    Pakistan’s Nuclear Ambition: A Costly Shield Fueling Economic Woes

    Pakistan’s Nuclear Ambition: A Costly Shield Fueling Economic Woes

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • Education
    • History
    • Indology
    How to Decide Between Amity and Manipal for Your Online MBA Journey

    How to Decide Between Amity and Manipal for Your Online MBA Journey

    Mughals, Delhi Sultans Out, Fresh Chapters on Indian Rulers, Mahakumbh Introduced: NCERT revises Class 7 books

    Mughals, Delhi Sultans Out, Fresh Chapters on Indian Rulers, Mahakumbh Introduced: NCERT revises Class 7 books

    Role of Consultants to Study in Ireland: How to Choose the Right One?

    Role of Consultants to Study in Ireland: How to Choose the Right One?

    The Complete Guide to Education Loan Interest Rates in 2025

    The Complete Guide to Education Loan Interest Rates in 2025

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Entertainment
    • Food
    • Games
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    Cricket – More Than Just a Bat and Ball

    Cricket – More Than Just a Bat and Ball

    Lazer247 India – Best Online Sports Betting and Casino Platform

    Lazer247 India – Best Online Sports Betting and Casino Platform

    Adjustable Folding Adirondack Chair With Cup Holder – Customizable Support For Ultimate Relaxation

    Adjustable Folding Adirondack Chair With Cup Holder – Customizable Support For Ultimate Relaxation

    1win कैसीनो गेम्स: जब दांव से पहले रिवाज़ बन जाते हैं आदत और खेल का हिस्सा

    1win कैसीनो गेम्स: जब दांव से पहले रिवाज़ बन जाते हैं आदत और खेल का हिस्सा

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
No Result
View All Result
Tfipost.com
Tfipost.com
No Result
View All Result
  • Premium
  • Politics
  • Economy
  • Defense
  • Geopolitics
  • Knowledge
  • Law
  • Lounge

Govt.’s war on black money continues, 55,000 Shell companies shut down

Amit Agrahari by Amit Agrahari
22 September 2018
in Economy
shell companies money

PC: livemint.com

Share on FacebookShare on X

In India, tax evasion and money laundering used to be as normal as doing business. The atmosphere prevailing was of ‘Matsya Nyaya’ where big fish eats small fish because justice was not delivered in a time constraint and sometimes not delivered at all. Rule of law is not for the rich and powerful, they could cheat the government and the system by using money and political connections. However, the atmosphere is changing slowly. The humor about ‘rule of law’ is diminishing because government has decided to punish the guilty and reward the people who conduct business as per the rule of law.

Two most important decisions taken to establish ‘rule of law’ was implementation of Insolvency and Bankruptcy Code (IBC) and crackdown on ‘shell companies’. Business people like Vijay Mallya, Nirav Modi used to get loans from public sector banks but they had no intention of paying it back. Honest taxpayers had to pay for the lavish lifestyle of people like Vijay Mallya because banks get recapitalized through tax money. The IBC code made sure that companies could be dissolved if they are not able to pay back loans and promoters will not even get a chance to bid for their own companies once the case goes to the National Company Law Tribunal (NCLT) through IBC process.

RelatedPosts

India’s Diplomatic Win: Vanuatu PM Orders Cancellation of Lalit Modi Passport

Income Tax Calculator: Explaing Modi govt’s major tax relief for Middle Class

As ‘One Nation, One Election’ Bill reportedly gets Cabinet nod, here is how Electoral Reset would Revolutionize Indian Democracy

Load More

The next step to establish rule of law and stop tax evasion was crackdown on shell companies. These companies were opened only with the intention of money laundering and tax evasion with no independent business of their own. Shell companies were used for almost every big corporate fraud.  In the case of Nirav Modi’s fraud, almost 150 shell companies were identified. The shell companies in the Nirav Modi scam were registered in the name of his family members. The Nirav Modi scam cost billions of dollars to the Indian public sector banks with PNB alone losing $1.77 billion. At present, the Modi government is probing deposits of almost 1 billion dollars in 20,000 such companies, indicating that the shadow economy of India runs deep, accounting for almost 25 percent of GDP.

The government had deregistered 55,000 shell firms in second phase of crackdown. 2.26 lakh shell firms were already deregistered in the last financial year and 3.09 lakh directors were disqualified in 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,” said minister of corporate affairs PP Chaudhary. In June, government has said that it has identified 2.25 lakh companies and 7,191 limited liability partnerships (LLPs) on the basis that they did not filed financial statements in the last two years.

Government is using various means to take on shell companies. The government and Reserve Bank of India (RBI) have started discussions about making a database of all electronic payment transactions. This will help in establishing a money trail to probe money laundering cases and operations of shell companies. While the government’s main focus will be on probing the corporate transactions, it will also have data of individual transactions. In the upcoming months, many companies have to Geo-tag their registered offices in the statutory filings with the Registrar of Companies (RoC). And this will allow investigation agencies to notice shell companies in case too many offices are registered at the same address.

Tags: ibcModi governmentNirav Modishell companies
Share1TweetSend
Previous Post

Rafale deal: Indian Govt. not involved in choice of Indian partners, says French govt

Next Post

John Abraham’s latest movie will be about Batla House encounter

Related Posts

Global economic outlook worsens but India seen as growth driver: WEF report
Economy

Global economic outlook worsens but India seen as growth driver: WEF report

29 May 2025

The global economic outlook has worsened since the start of the year, as rising economic nationalism and tariff volatility...

Benefits of Using a Bajaj Finserv Insta EMI Card for Shopping
Finance

Benefits of Using a Bajaj Finserv Insta EMI Card for Shopping

28 May 2025

Flexible financing has changed the way people shop in India. From large electronics to everyday essentials, more consumers now...

Understanding the differences between BTC season and altcoin season
Finance

Understanding the differences between BTC season and altcoin season

28 May 2025

The power shift between Bitcoin and altcoins (any other coins other than Bitcoin) has deepened in the past years,...

Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Currently Playing

Pakistan needs money from IMF to feed their people

Pakistan needs money from IMF to feed their people

00:15:20

Vacate PoK and more: Steps Pakistan needs to take to avoid Indian military action

00:06:36

Taking The Wire’s Propaganda Piece on VP to the Cleaners – Feat. Prof. Kapil Kumar

00:09:19

Rahul Gandhi Undermines India’s Electoral Integrity as Trump Applauds It

00:07:09

Why Pakistan army chief reminds two nation theory| what is the plan| Waqf Bill |Asim Munir| Jinnah

00:13:02
Facebook Twitter Instagram Youtube
tfipostTfipost.com
Right Wing | News Analysis | Indian Opinion
  • About us
  • Careers
  • Brand Partnerships
  • Terms of use
  • Privacy Policy
  • Sitemap

©2025 TFI Media Private Limited

No Result
View All Result
  • Premium
  • Politics
    • Analysis
    • Opinions
    • Trending
  • Economy
    • Business
    • Finance
  • Defense
    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
TFIPOST हिन्दी
TFIPOST Global

©2025 TFI Media Private Limited