SEBI to look into firms inexact classified as shell companies

The Securities and Exchange Board of India (SEBI) has formed a sub-committee under the Secondary Market and Advisory Committee (SMAC) to look into the matter where in companies are complaining that they have been inexact classified as shell companies because of technical errors.

Earlier, when Ministry of Corporate Affairs (MCA) disqualified in September, at least 500 listed companies were impacted. These companies share directors who have been disqualified for associating with other firms which haven’t filed their financial statements or annual returns for 3 years.

Source: Money control

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