4 more CA, CS & directors have been fraud charged under Co. Act

FOUR MORE CHARTERED ACCOUNTANTS, COMPANY SECRETARIES, AND DIRECTORS HAVE BEEN CHARGED WITH ALLEGED FRAUD UNDER THE COMPANIES ACT.

• MUMBAI: The Economic Offences Wing has filed four new FIRs for alleged fraud under the Companies Act against seven Chinese nationals, several chartered accountants, company secretaries, and directors of Indian companies.
• The complaints, filed by the registrar of companies in Mumbai, claimed that when foreigners were nominated as directors in Indian companies, laws controlling the formation of new companies were broken.
• The registrar of companies in Mumbai filed the charges, alleging that laws governing the formation of new businesses were broken while foreigners were inducted as directors of Indian companies. So far, 38 FIRs have been filed, with 160 people named as suspects, including 67 foreigners. 47 of the foreigners are from China, with the rest hailing from the United Kingdom, Taiwan, the United States, Singapore, Cyprus, South Korea, and the United Arab Emirates.

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