Press Information Bureau

Government of India

Ministry of Corporate Affairs

30-November-2012 18:50 IST

Since inception, Serious Fraud Investigation Office (SFIO) of the Ministry of Corporate Affairs has been entrusted with 133 cases by the Ministry for investigation. Giving this information in written reply to a question in the Lok Sabha, Shri Sachin Pilot, Minister of Corporate Affairs, said out of these cases, investigation in 95 cases has been completed and reports submitted to the Government, while 4 cases have been stayed/ quashed by the Courts and the remaining 34 cases are presently under investigation. Violations of various provisions of the Companies Act, 1956 and various offences involving criminal breach of trust, cheating, falsifications etc. under the Indian Penal Code have been reported by SFIO in many cases. Prosecutions in 991 cases were launched (110 under Indian Penal Code and 881 under Companies Act). Of these, conviction was ordered by the respective Courts in 39 cases relating to violations under the Companies Act, 1956. Three complaints were quashed on the ground of double jeopardy as similar complaints were filed by the Registrar of Companies, Karnataka and the remaining cases are under different stages of progress in the competent Courts, Shri Pilot informed the House.

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KKP

 

Corporate fraud investigations lead to prosecutions and convictions under company law and penal statutes after SFIO inquiries. Serious Fraud Investigation Office received 133 matters: 95 completed with reports submitted, 34 under investigation, and 4 stayed or quashed. Investigations reported offences under the Companies Act and criminal offences under the Indian Penal Code, including breach of trust, cheating and falsification. Prosecutions were initiated arising from SFIO inquiries across company law and penal provisions, yielding convictions in a portion of company law cases, with some complaints quashed on double jeopardy grounds and remaining matters proceeding in courts.