Press Information Bureau

Government of India

Ministry of Corporate Affairs

15-March-2016 18:06 IST

Serious Fraud Investigation Office (SFIO) have completed several investigations during the last one year The names of companies in respect of which investigation has been completed by SFIO during last year (2014-15) and the current year are as per Annexure. In all the cases where SFIO has proposed filing of charges/ prosecution in respect of investigations completed in 2014-15, the Ministry has issued instructions for filing of charges/prosecutions.

SFIO has informed that no such complaint has been received against private sector banks for unfair trade practices. However, based on preliminary scrutiny relating to suspicious foreign exchange using a public sector Bank, the Ministry has ordered (on 15.10.2015 and 09.11.2015) investigation under Section 212(1)(c) of the Companies Act, 2013 into the affairs of the eleven companies which are allegedly involved in suspicious foreign exchange transactions.

This was stated by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Rajya Sabha today.

*****

DSM/KA

Company investigations under section 212 prompted probe into alleged suspicious foreign exchange transactions and proposed criminal charges. SFIO completed multiple investigations during 2014-15 and the following year and, where it proposed filing charges, the Ministry directed prosecutions. No complaints were received against private sector banks for unfair trade practices. Based on preliminary scrutiny of suspicious foreign-exchange operations involving a public sector bank, the Ministry ordered investigations under Section 212(1)(c) of the Companies Act into the affairs of eleven companies allegedly involved in those transactions.