company, be it in fiscal statutes or in
penal statues. Neither the Companies Act, 1956 nor the Companies Act, 2013 defines the
expression shell company ... Registrar of
Companies can do is to strike off the name of such company from the register of
companies. But if the shell company
concerned companies. It was allegedly found that during the
investigation it was noted that allottee companies were bogus / paper/ shell companies. In
the said letter ... amount received from 34
companies out of total 94 companies to whom the assessee had allotted shares were paper /
bogus / shell companies. We therefore find
properties owned by the Petitioner abroad" or the
alleged "Shell Companies" are false and concocted on the ground that the
Bail Appln ... Further submitted, the fact of the person/s incorporating shell
companies in India and abroad being close to the petitioner-accused and
being in touch
Venus Excavators Pvt. Ltd. and 4) Zoom
Transport Pvt. Ltd. are shell companies existing on paper only. They could not
be located at the given ... said four shell companies did not have the wherewithal by way of
equipment or manpower to render any services. (supra
company. The company is registered company under the Companies Act
and is having an independent identity under the Companies Law.
Therefore the Investor Company cannot ... investor
company assessed the company as regular company- not as shell
company. The ROC has also not categorized the investor company as "
shell company
assessee through these companies.
4. Before us the ld. CIT-DR has submitted that this company was
found to be a shell company ... status of these companies as active then
in absence of any material to show that these companies are shell
companies. The decision
involved a famous chartered accountancy company to inflate the share values. Then came the ponzi companies. All these companies like Sharadha, Rose Valley etc. were ... going to change now? Were these companies just like benami companies or shell companies? What kind of companies were they? There is really no clarity
bogus purchase of capital assets was routed back through various
shell companies who would subscribe the preference shares (with
huge premium)/share application money ... Nishita Infrastructure Pvt. Ltd. had simply obtained the list of such
shell companies through which share application money (with
premium) was received and/or preference
have not used the words ‘shell companies’, but I have used the words ‘non-compliant companies.’ So, the company which is not doing its business ... take action against that company. Since the company is not doing any business, it shows that the company can be struck off. With that purpose
listed shell Companies as per SEBI
laws / Regulations. SEBI was, thus, required to
investigate as to whether 331 Companies were in
fact shell Companies ... shell
Company or not. Contention that SEBI and BSE
were not required to investigate as to whether the
Company is a shell Company
