• search

Corporate Affairs Ministry to collect passport details of company directors

By Vicky Nanjappa
Subscribe to Oneindia News
For Quick Alerts
Subscribe Now
For Quick Alerts
ALLOW NOTIFICATIONS
For Daily Alerts

    In a bid to prevent defaulters from fleeing the country, the Ministry for Corporate Affairs is mulling a proposal to collect passport details of individuals permitted to serve as directors on the board of companies.

    Corporate Affairs Ministry to collect passport details of company directors

    The move comes after the likes of Nirav Modi and Mehul Choksi fled the country.

    Those seeking a Director Identification Number (DIN) would also have to submit their passport details. The DIN is an 8 digit unique identity provided by the Corporate Ministry to those appointed as directors of a company.

    The ministry proposes to modify the DIN application form in which a column would be included where the passport details would have to be provided. The move comes in the aftermath of the Union Finance Ministry making it mandatory for those borrowers taking loans of above Rs 50 crore to provide passport details.

    In case a director does not possess a passport, he or she would then have to file a declaration to this effect.

    OneIndia News

    For Breaking News from Oneindia
    Get instant news updates throughout the day.

    X
    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more