Consider the following statements with respect to Shell Companies:

1. It is a corporate entity without significant assets.

2. In India, Shell companies derive their definition from Companies act.

3. It is created for the purpose of diverting money or for money laundering.

Which of the statements given above is/are correct?

(a)           (b)                    

(c)  (d)

1 and 3 only

By: Kamal Kashyap