Around six Chinese enterprises involved in manufacturing, fintech, and telecommunications have been seized by the Income Tax authorities. As this scandal unveils, a total of 400 chartered accountants are now under the scanner for flouting norms to incorporate Chinese shell companies.
According to information obtained by The Hindu, the Central government has proposed disciplinary measures against 400 Chartered Accountants (CAs) and Company Secretaries (CSs) for their suspected involvement in the incorporation of Chinese shell firms in major cities while disobeying regulations.
Following the 2020 Galwan incident, in which 20 troops were killed during bloody battles with the Chinese People's Liberation Army (PLA), the government took a number of actions against Chinese business entities.
Despite the fact that Chinese companies' FDI has dried up over the past two years as a result of multiple regulatory initiatives by the government, trade between the two nations set a re...