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of <h1>Section 212: SFIO given exclusive company fraud probe powers, arrest authority and disgorgement u/s 447</h1> Section 212 empowers the Central Government to assign investigation of a company's affairs to the Serious Fraud Investigation Office (SFIO) based on registrar/inspector reports, company resolution, public interest, or government request. Once assigned, SFIO has exclusive jurisdiction, with company personnel obliged to cooperate. SFIO officers may arrest suspects for fraud offences under section 447, subject to stringent bail conditions and mandatory production before a court within 24 hours. SFIO submits interim and final reports to the Central Government, which may direct prosecutions and seek disgorgement of undue gains, with personal liability without limit. SFIO reports to the Special Court are treated as police reports, and mutual information-sharing with other agencies is mandated, while prior investigations under earlier law continue.
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