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Disqualified directors under banks’ scrutiny

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Disqualified directors under banks’ scrutiny
Lenders are scanning bank account details of the directors disqualified by the ministry of corporate affairs to analyse their links with shell companies and check whether they diverted funds

Banks have started the process of scanning account details of directors disqualified by the ministry of corporate affairs to analyse their links with shell companies and check whether they diverted funds, according to senior executives of four public sector banks, who did not want to be named.

“The exercise will take at least three weeks to complete because the list runs into several hundred pages. After shortlisting the names, we will prepare a report on the transactions conducted and submit to the government,” said one of the four officials, a banker with a large Mumbai-based bank.

Shell companies, though not defined under the Companies Act, are those that adhere to basic company laws and are used to avoid taxes and launder black money.

The Mint, New Delhi, 26th September 2017

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