International Journal For Multidisciplinary Research

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Shell Companies

Author(s) G.R.Satya Sanjana
Country India
Abstract The term ‘shell company’ has been heard quite often in recent years. Though most of the people have heard this term, not many people know the exact meaning behind it. In our country, there is no specific definition for this term. No legal definition is mentioned in The Companies Act or any other Act. Efforts to define it have been going on. However, it can be said that a shell company is a company that has no or few significant assets or operations. The main objective behind establishing such companies would include money laundering, tax evasion, converting black money into white money, etc., These shell companies affect the economy of a country by making the poor into poorer and rich into richer. In order to curtail these companies there is no specific provision, Act, or law related solely to shell companies. Issues related to these companies are generally dealt with under The Prevention of Money Laundering Act, 2002; Benami Transactions Prohibition (Amendment) Act, 2016; Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015; The Income Tax Act, 1961; Indian Penal Code; and The companies Rules 2017. Hence the Author is going to discuss what is a shell company, how to identify it, the reason behind the creation of shell companies, laws that are violated, the effects of shell companies, and the challenges faced while curtailing shell companies. Finally, the author will end the discussion with probable suggestions.
Keywords Shell company, Money laundering, Tax evasion, curtail, Prevention of Money Laundering Act 2002, Benami Transactions Prohibition (Amendment) Act 2016, Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act 2015, The Income Tax Act, 1961, Indian Penal Code, and The companies Rules 2017.
Published In Volume 5, Issue 6, November-December 2023
Published On 2023-12-01
Cite This Shell Companies - G.R.Satya Sanjana - IJFMR Volume 5, Issue 6, November-December 2023. DOI 10.36948/ijfmr.2023.v05i06.9661
DOI https://doi.org/10.36948/ijfmr.2023.v05i06.9661
Short DOI https://doi.org/gs7v3x
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