Special Investigation Team (SIT) on Black Money on 3 November 2015 submitted its third report to the Union Ministry of Finance. The SIT is headed by Justice MB Shah and the report dealt with shell companies and beneficial ownership.
The SIT found that over 2600 persons are directors on more than 20 companies and at least 20 companies are operating from the same address at 345 places which indicate the violation of Companies Act, 2013.
To correct the situation, the SIT recommended for has suggested proactive detection of creation of shell companies and deterrent penal action against persons involved in such activities.
The Team has also requested the Ministry of Corporate affairs to take necessary action with respect to violation of the Companies Act.
About SIT on Black Money
The SIT was constituted by the Union Cabinet in May 2014 on the directions of the Supreme Court to go deeper into the cases of black money where Indians have stashed their assets abroad and also suggest policy measures to combat the illegal activity.
While 11-member committee is headed by Justice MB Shah, Justice Arijit Pasayat is its Vice Chairman.
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When: 3 November 2015