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Added on : 2017-08-12 18:28:17

The government on Friday said speedy steps are being taken against shell companies, but a balance needed to be maintained between ease of doing business and ensuring that wrongdoing is stamped out. Finance minister Arun Jaitley told the Lok Sabha that there is no definition for shell companies under the Companies Act but such entities are used for roundtripping of money. 
The real owners behind such entities need to be identified and steps are being taken under the benami and income tax laws, said Jaitley, who's also the corporate affairs minister, during Question Hour in Parliament.

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