Regulations
SIT suggests steps to keep a check on shell companies
The Special Invetigation Team on black money has recommended that law enforcement agencies take steps to detect shell companies after it was found that there were 2,627 persons who were directors on the board of over 20 companies in violation of the Companies Act.
 
The finance ministry said in a statement here on Tuesday that the SIT findings showed the total number of companies sharing their address with at least 19 other companies are 13,581 in number.
 
"The SIT has requested the Ministry of Corporate affairs to take necessary action with respect to violation of the Companies Act noted above. The SIT has further requested CBDT, CBEC and Enforcement Directorate to undertake due diligence on the Companies data referred to above," the statement said.
 
"While there is no specific Act/Rule which debars Companies from having the same address, SIT has desired that greater vigilance is accorded by law enforcement and intelligence agencies like CBDT, CBEC, ED and FIU while examining the operations of such Companies," it added.
 
It has also asked the Serious Frauds investigation office (SFIO) under ministry of company affairs to regularly mine the MCA database for such shell companies.
 
Shell companies are entities that are incorporated as companies and are used only for routing funds, without undertaking any real business activity.
 
SIT looked into the matter after a panel headed by CBDT chairman in 2012 had said that the use of shell companies to provide accommodation entries to launder black money was noticed in a number of high profile cases investigated.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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He's built an aircraft, now wants full-time job!
Saji Thomas is 45 years old from Kerala and, while God did not give
 
him the faculties of speech and hearing, he was given the talent of a different kind: after five years of effort he has built a small aircraft - all on his own - but now yearns for a full-time job.
 
His wife Maria said that they have been married for 14 years and right from the time they became husband and wife, all that she saw was her husband busy tinkering with small motors and machines she didn't have a clue about.
 
"Initially I tried my best to dissuade him to get work as an electrician, but when I found all my efforts were in vain, I decided to support him in all his endeavours. Today the entire village (near Thodupuzha in Idukki district) is steadfastly behind him as he built a twinseater ultralight aircraft, which has been filmed by the Discovery Channel," Maria told IANS.
 
Saji has studied only till class 7 and has always been hooked on to electrical gadgets and their repairs.
 
"The first thing he built was the frame of an helicopter. He got in touch with (former prime minister) Rajiv Gandhi, seeking money to buy an engine for it. It did not materialise because Rajiv Gandhi was assassinated (In May 1991). Then his interest shifted to building an aircraft and after five years of hard work, he fitted the small aircraft with the engine of a two-wheeler. Later it was given to a college nearby and they still use it to teach their students," Maria explained.
 
She said he then began work on this now successful two-seater and sourced all the materials from Bangalore.
 
"After a marathon five years of work, last year in April, it was taken to a private airline academy in Ambasamudram near Madurai. Since this aircraft has no licence nor does Saji have a licence to fly aircraft, he could fly it for a few minutes there. Later the chief instructor, a retired air force officer, also flew it for a few minutes. The aircraft flew only at a height of 20 feet as the rules are very strict," added Maria.
Saji Thomans, Hritik Roshan
Today the couple is still hoping that the government will support Saji, who has performed this engineering marvel sans any qualifications.
 
"We see the present programme of Discovery Channel which has filmed his efforts as an eye-opener and it is expected to be aired soon. Our only wish is my husband gets a job, a stable monthly job as by now he has sold a portion of our land to complete this aircraft. We do not have a proper house even and we live in a small two-room home which was built with the help of the local village council in 2001," said Maria.
 
The couple has a 13-year-old son, Joshua, who is now the main support technician.
 
"For this aircraft we spent Rs.13 lakh and it was completed only after we sold a portion of our land. In all, Saji has spent Rs.25 lakh for his expensive hobby in the past more than 15 years. Now, we wish the authorities support him with a stable job. He 'says' to me he wishes he gets a job, so there is a stable income as he has proved his mettle. We wish the authorities are watching and hearing us," said Maria, her voice breaking down.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

mathai

1 year ago

with a 2 wheeler engine an air craft lifts off. may be just 20 feet. and it flies . may just a few feet.
discovery channel features this wonder.
our govt is just watching. may be not.
and this genius of an inventor is without a job. or income.

and we are all watching helplessly.
is it not possible for someone to try and test this aircraft for what it is worth ? and try to develop it further if it is a genuine invention.

Watch Indian Mars mission saga on National Geo
A documentary on the saga of Indian Mars mission will premiere on Thursday on the National Geographic channel, the American digital cable and satellite television network said.
 
"Millions of Indians can watch 'live' the Mars Oribter Mission, the country's first inter-planetary mission that was launched on November 5, 2013 and entered the red planet's orbit on September 14, 2014 in a maiden attempt," the channel said in a statement here on tuesday.
 
The hour-long programme to be telecast at 9 p.m. in English and Hindi with regional languages option will be repeated over the next 24 hours for maximum viewership, as it contains live action visuals, graphic representations and expert interviews.
 
"The documentary features all the drama, excitement, last minute preparations, countdown and the successful launch," FOX international channels (India) business head Swati Mohan said in the statement.
 
The documentary was made with the cooperation of the Indian Space Research Organisation (ISRO), which undertook the historic mission.
 
"It was a proud moment for our team and the entire country, when the Orbiter entered the Martian orbit. National Geographic channel has partnered with us to showcase this historic journey and the science and technology behind it," said ISRO chairman A.S. Kiran Kumar.
 
The special film will also simplify the science behind the landmark mission, while experts explain nuances of the technology and demonstrate the nature of the inter-planetary mission.
 
"It has been our tradition to be the first to document all historic space exploration achievements through innovative programming," Mohan added.
 
In the recent past, the channel covered the Rosetta probe landing on a comet, and the New Horizons flyby of Pluto (Mission Pluto).
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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