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The Central government has recommended disciplinary action against 400 Chartered Accountants (CAs) and Company Secretaries (CSs) for their alleged role in incorporating Chinese shell companies in metropolitan cities by flouting norms and rules. As per a report in Hindu, the stringent motion is amongst a sequence of measures taken by the federal government towards Chinese enterprise entities after the 2020 Galwan incident when 20 soldiers were killed in violent clashes with the Chinese People’s Liberation Army (PLA). Though the Foreign Direct Investment (FDI) from Chinese firms has come to naught previously two years as a consequence of varied regulatory measures initiated by the federal government, the trade between the two countries hit a record $125 billion final 12 months. In April-June 2020, FDI from China (counted from the 12 months 2000) stood at ₹15,422 crore whereas within the first quarter of 2022 it has come all the way down to ₹12,622 crore, in response to Department for Promotion of Industry and Internal Trade (DPIIT) information.The Institute of Chartered Accountants of India (ICAI), a statutory physique that regulates the occupation of Chartered Accountancy within the nation, mentioned in an announcement to The Hindu that the “Disciplinary directorate of ICAI is in receipt of complaints from office of various Registrar of Companies across the country against CA professionals for their involvement in relation to companies alleged to be linked with Chinese nationals.”“The said complaints are being processed in terms of the Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Rules, 2007. Hence, guilt, as alleged, as well as the number of Chartered Accountants alleged to be involved, is yet to be ascertained/determined after conducting detailed investigation/inquiry, so, it is premature to comment upon the same,” the ICAI mentioned.Since October final, about half a dozen Chinese firms engaged in telecom, fintech and manufacturing have been raided by the Income Tax authorities over allegations of tax evasion and under-invoicing.On June 1, the MCA amended the Companies (Appointment and Qualification of Directors) Rules, 2014 that makes it necessary to get a safety clearance from the Ministry of Home Affairs (MHA) if any particular person belonging to a rustic that shares a boundary with India intends to develop into director or shareholder in an Indian firm. The official mentioned that the choice will affect Chinese firms that function in India via subsidiaries included in different international locations.As FDI is allowed in non-critical sectors via the automated route, earlier these proposals would have been cleared with out the MHA’s nod. Prior authorities approval or safety clearance from the MHA is required for investments in vital sectors resembling defence, media, telecommunication, satellites, non-public safety companies, civil aviation and mining and any investments from Pakistan and Bangladesh. In October 2020 an FDI Proposal Review Committee headed by the Union Home Secretary and Secretary DIPP as member was constituted for intensive evaluation of safety clearances for Chinese FDI proposals.

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