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        Corp. Laws, SEBI & IBC

        Fraud Companies

        December 8, 2011

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        Press Information Bureau

        Government of India

        Ministry of Corporate Affairs

        08-December-2011 17:41 IST

        The Companies Act, 1956, which is proposed to be repealed by the Companies Bill, 2011, provides for more stringent penal provisions for action against vanishing companies, prevention of frauds etc.

        An expert group under the chairmanship of Dr. J. J. Irani was constituted on 02.12.2004 who submitted its report to the Central Government on 31.05.2005. The report seeks to rationalise the existing Companies Act, 1956 in the context of the present economic and business environment.

        The Minister of State for Ministry of Corporate Affairs Shri R.P.N. Singh gave this information in a written reply in Lok Sabha today.

        ST/bs

        Corporate fraud prevention measures strengthened under proposed repeal and rationalisation of the Companies Act framework. Proposed repeal and replacement of the Companies Act, 1956 targets corporate fraud and vanishing companies by preserving and enhancing stringent penal provisions. An expert committee reviewed and recommended rationalisation of the statute to modernise enforcement, compliance obligations and corporate governance while maintaining strong sanctions for fraud and company disappearance.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Corporate fraud prevention measures strengthened under proposed repeal and rationalisation of the Companies Act framework.

                                Proposed repeal and replacement of the Companies Act, 1956 targets corporate fraud and vanishing companies by preserving and enhancing stringent penal provisions. An expert committee reviewed and recommended rationalisation of the statute to modernise enforcement, compliance obligations and corporate governance while maintaining strong sanctions for fraud and company disappearance.


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