Directors of Indian Shell companies that have not filed tax returns for at least three years have been disqualified from re-appointment or from being appointed to similar roles elsewhere, India’s finance ministry said.

The move, part of a crackdown on illegal transactions and tax evasion, comes a day after authorities froze the bank accounts of 209,032 suspected Shell companies.

In a statement, the ministry said the latest action would disqualify as many as 300,000 directors.

Tax officials say Shell companies – which have no active business operations or assets – are used to obscure ultimate beneficiaries, conceal political investment, evade tax, commit fraud or manipulate tenders.

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