NCLT nod to Go’s insolvency plea

Company Law

May 27, 2023

Sanket Jain

The ambit of the Prevention of Money Laundering Act (PMLA), 2002 is being widened, as after covering professional such as CAs, CWAs and CS, the government has now included directors of companies, partners of firms, trustees of express trusts as well as nominee shareholders as “reporting entities” under the Act.

Further, persons acting as formation agents of companies and LLPs and providing a registered office, business address or accommodation, correspondence or administrative address for a company or an LLP or a trust are also designated as reporting entities.

I believe that the objective of the latest notification is to to curb the menace of shell companies in the country.

Sharing my thoughts on this development, in this article published by Financial Express

#pmla #whitecollarcrime #forensics #shellcompanies

Author

Sanket Jain

Mergers and Acquisitions: advised on strategizing and structuring acquisition of entities and slump sale transactions including various legal aspects of transactions in the education, media and entertainment, healthcare, etc. provided guidance on regulatory approvals, disclosures and corporate governance issues, etc. and due diligence of companies operating in various sectors. This includes a wide variety of earn-out and deferred consideration transactions. Private Equity and Venture Capital: advised major investors, offshore and domestic private equity houses, start-ups and venture capitals on the entire cycle of making investments in diverse industries such as brokerage, hospitality, etc. till their exit including due diligences, structuring, regulatory advice and post-transaction support. General Corporate and Commercial Contracts: advised on formation and maintenance of entities and procedural requirement and documentation for private placement, rights issue, sweat equity and ESOP allotment. Advised on issues related to exchange control regulations, SEBI regulations, Companies act, etc.

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