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Home / Corporate Law News / Beat that- 21 Lakh company Directors fail to register for eligibility, will be removed from records

Beat that- 21 Lakh company Directors fail to register for eligibility, will be removed from records

September 16, 2018

While close to 50 lakh DINs have been issued, only 33 lakh are considered to be active Directors.

Company Directors
Company Directors

Around only 12 lakh individuals, or just over 35% of the 33 lakh “active directors”, have so far complied with the newly-mandated know-your customer or KYC requirement to be eligible for board positions in companies.

The deadline ended on Saturday midnight & the Ministry of Corporate Affairs is unlikely to extend it. On Sunday, MCA will freeze the Director Identification Number (DINs) of those who don’t meet the new guidelines.

Earlier this year, the ministry had mandated that individuals with DINs must complete KYC formalities by 15th September. This was part of a drive meant to rid several boards of drivers, domestic helps & others nominated on boards without their knowledge.

The ineligible directors can again become eligible after they comply with the registration requirement and pay a fee of ₹5,000.

While close to 50 lakh DINs have been issued, only 33 lakh are considered to be active directors. Even among this lot, a large number is likely to be ghost directors, government officials said.

The KYC rules are part of an exercise to weed out shell companies and identify those with “significant beneficial ownership” or entities that hold over 10% stake in listed & unlisted companies.

Nearly 3 lakh companies that hadn’t filed returns have been deregistered and over 3 lakh directors disqualified.

The govt. believes shell companies & bogus directors are key channels for generating black money. Funds are routed through a web of companies, whose real ownership isn’t easily available.

While PAN for most directors has already been linked, linking of Aadhaar with DINs has also been mandated.

Fake Directors
Fake Directors
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