Name and shame: Chandy, Chennithala, Yusuff Ali in Centre's infamous 'fraud' list

kerala | Tuesday, September 19th, 2017
Team Asianet Newsable
Highlights
  • The Ministry of Corporate Affairs has made the names of disqualified directors of shell companies public in ‘name and shame’ move
  • Several leading politicians, civil servants, police officers and businessmen from Kerala and across the country feature on the list
  • The most number of disqualified directors are from New Delhi, followed by Mumbai, Hyderabad and Kochi 

Jailed Tamil Nadu politician VK Sasikala, Kerala’s Congress leaders Oommen Chandy and Ramesh Chennithala and Gulf-based business tycoon MA Yusuff Ali are some of the prominent names on the list of disqualified directors of shell companies across the country.

The development comes after the Ministry of Corporate Affairs (MoCA) began making the names of disqualified directors of shell companies and those associated with struck-off companies public in ‘name and shame’ move, a first of its kind in the country.

Several leading politicians, civil servants, police officers and businessmen from Kerala and across the country feature on the list, according to a report by The Hindu. The disqualified names are of those who have been a director in a company that has not filed annual returns for a period of three financial years. 

Last week, a statement from MoCA had said that it has identified over 1 lakh directors of ‘shell companies’ for disqualification under the relevant provisions of the Companies Act, 2013.  Now, they have gone one step further by identifying them before the public.

The most number of disqualified directors are from New Delhi (74,920), followed by Mumbai (66,851), Hyderabad (41,156), Kochi (13,988), Cuttack (13,383), Ahmedabad (10,513), Gwalior (9,628), Pune (4,449), Puducherry (1,605), Himachal Pradesh (1,363) and Coimbatore (1,299) . The RoC offices in Bangalore, Chennai, Kolkata, Goa, Jaipur,  Chandigarh, Jharkhand,  Patna etc are yet to put out the lists.

VK Sasikala

Sasikala, jailed AIADMK leader and the aide of former TN Chief Minister Jayalalithaa, had four shell companies with links to her dissolved by the Registrar of Companies (RoC) in Chennai. The companies are Fancy Steels Private Limited, Rainbow Air Private Limited, Sukraa Club Private Limited and Indo Doha Chemicals and Pharmaceuticals Limited.

Oommen Chandy and MA Yusuff Ali

Oommen Chandy, veteran Congress leader and former Chief Minister, and Yusuff Ali, Thrissur native and expat businessman who is known for the Lulu Group International, have been affected by their association with NoRKA-Roots, which plays a key role in firming up policies for non-resident Keralites.

Ramesh Chennithala and VM Sudheeran

Opposition leader Ramesh Chennithala and former KPCC president VM Sudheeran are two of the other Kerala politicians on the list. The UDF leaders have been listed as disqualified directors for their association with a company registered under a similar name as Congress mouthpiece Veekshanam.

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