The Ministry of Corporate Affairs, in the mega Know-Your-Customer (KYC) drive, have found that 18 lakh of the total 33 lakh registered directors are dummy, reported Financial Express.
Out of the total 33 lakh, only an estimated 15 lakh were the actual registered directors.
“At least, the basic credentials of the individual definitely needs to be verified. We will get to know the actual ones and get the basic information of the actual directors,” an unnamed senior government official told the newspaper.
A director needs to provide passport, PAN card and contact details for the KYC registration and the information needs to be updated annually at the time of filing annual financial statements by a company secretary or a chartered accountant, the report said.
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