In August, Sebi had asked the stock exchanges to take action against 331 suspected shell companies which were referred to it by the corporate affairs ministry. In what has been called a 'breakthrough' in the fight against black money, 13 banks have shared details of over around 5,800 shell companies with the government. The crackdown has not only helped the government in tracing the origins of black money but also cleaning up the cash flow system. It must be noted that earlier this year, the Registrar of Companies had struck off around 2 lakh shell firms to push government's fight against black money. 4,573.87 crore in their accounts and withdrew an equally large amount of Rs 4,552 crore.

Source: dna October 06, 2017 06:25 UTC