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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Serious fraud probes into company affairs: SFIO takeover orders, agencies halt parallel cases; Section 447 made cognizable, tougher bail</h1> Provides for assignment of investigations into a company's affairs to the Serious Fraud Investigation Office by Central Government order on specified triggers, including regulatory reports, a company special resolution, public interest, or governmental request; SFIO conducts the investigation under the Chapter's procedure and reports within the ordered timeframe. Once assigned, all other Central or State investigating agencies must cease parallel investigation for offences under the Act and transfer records to SFIO, and designated officers of the company must furnish information and documents. Offences under section 447 are made cognizable with stringent bail conditions and Special Court cognizance only on a written complaint by SFIO Director or authorised officer, with authorised SFIO officers empowered to arrest and produce the accused before the competent court within 24 hours. The Central Government may direct prosecution and seek Tribunal disgorgement and personal liability orders for undue benefits.
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