In the process of cracking the whip on shell companies, the Ministry of Corporate Affairs (MoCA) has pulled up high-profile names like former Kerala CM Oommen Chandy, jailed politician V K Sasikala, Leader of the Opposition in the Kerala Assembly Ramesh Chennithala and Gulf-based business tycoon M A Yusufali. According to The Hindu, these prominent names have been mentioned for disqualification as directors.

Oommen Chandy (Photo: Wikipedia)

After freezing bank accounts of 200,000 shell companies, MoCA has identified 106,578 directors to debar them from the board of not only these firms but also others for a period of five years.

The ministry said that some members of ICAI, ICSI and other associations involved in these shell companies have also been identified and it has asked these bodies to take action against them. They cautioned these institutions that their actions were being monitored.