Crackdown against shell companies launched; this is what directors must do now
Directors of over 10 lakh companies currently registered in the country will have to upload their videos in an e-filing to the government in a major crackdown on “fly-by-night and dummy directors”. Not just that, companies too will be required to upload a video clip of the office premises in a step that is aimed at checking creation of shell companies.
If the directors and the companies do not comply with the new KYC norm, the directors will be disqualified from holding the post of director at a company. Image source: PTI