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Shell companies: e-filing details must for all firms
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SME Times News Bureau | 23 Feb, 2019
Continuing with its crackdown on "fly by night and dummy" entities
through stringent KYC regulations, the government has made it mandatory
for over 12 lakh active registered companies in India to upload all
their particulars including details of registered offices in an e-filing
to the government.
The Ministry of Corporate Affairs has
notified the Companies (Incorporation) Amendment Rules, 2019, under
which all companies registered before December 31, 2017, are required to
file eForm ACTIVE (Active Company Tagging Identities and
Verification)-INC22A on or before April 25, 2019.
Failure to file
e-Form ACTIVE will lead to a penalty of Rs 10,000 with companies in
default being declared ACTIVE non-compliant.
Once a company is
marked as ACTIVE non-compliant, it would not be able to make changes to
its capital structure or go ahead with merger or amalgamation deals.
Such non-compliant companies would also not be able to rotate their
directors or make changes in their registered office.
"The rule
makes it amply clear that companies have to e-file all their details so
that a proper check is maintained on their operations and creation of
shell companies is prevented," said a government official not wanting to
be identified.
Last year, the Ministry of Corporate Affairs had
introduced new Know Your Customer (KYC) norms affecting about 33 lakh
directors of companies. Under it, directors were required to e-file
forms providing details such as personal mobile number, e-mail address,
Permanent Account Number (PAN) and Aadhaar number. A video verification
that required directors to upload a 30-second clip introducing
themselves, was also made mandatory.
According to the new
notification for filing of Form INC22A or ACTIVE, a company must have
filed its annual return for the FY18. However, if a company is struck
off or is in process of being struck off or is under liquidation, Form
ACTIVE need not be filed.
If ACTIVE is filed on or after April
20, it can only be done after paying a penalty of Rs 10,000. Only after
this, will the company be declared ACTIVE-compliant.
The e-Form
will get all details of a company - its directors, annual filings and a
photo (internal and external) showing one of the directors in its
registered office.
This tightening of the noose around companies
comes after a major crackdown by the government post-demonetisation in
FY18 in which it struck off 2.26 lakh companies that had failed to file
their financial statements or annual returns over two or more successive
years.
Similarly, more than three lakh directors were
disqualified for non-filing of annual returns by their companies for
three years.
In another crackdown last year, the Ministry identified 2.25 lakh more companies for action.
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