After the KYC drive for every Director, the Ministry of Corporate Affairs, is planning to introduce Geo-tagging of registered office for every Company.
Geo-tagging means providing data of the exact location of the office.
The purpose seems to be detect the far too many companies operating from single location.
Minister of State for Corporate Affairs PP Chaudhary said, “This will help us identify instances of one building being used by hundreds of shell companies as their registered office or of companies citing vacant plots as their registered office address. It will serve as an early warning system for detecting mushrooming of shell companies.”
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