Shell Companies:
Context:
- Government has identified 2,38,223 companies as shell companies between 2018-2021.
About Shell Companies:
- There is no definition of the term “Shell Company” in the Companies Act.
- It normally refers to a company without active business operation or significant assets, which in some cases are used for illegal purpose such as tax evasion, money laundering, obscuring ownership, benami properties etc.
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