Press Information Bureau

Government of India

Ministry of Corporate Affairs

13-December-2012 19:32 IST

The Ministry of Corporate Affairs has established Serious Fraud Investigation Office (SFIO) to investigate frauds committed by the companies. During last 4 years (2008-2009, 2009-10, 2010-11, 2011-12 and till date) 83 companies were ordered for investigation by SFIO. Giving this information in written reply to a question in the Lok Sabha today, Shri Sachin Pilot, Minister of Corporate Affairs, said that the Government is intending to bring stringent legislation through Companies Bill, 2011 by providing adequate provisions and measures to ensure that companies raise money in a more transparent and accountable manner and also propose to grant statutory recognition to SFIO and to increase its powers to curb frauds.

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KKP

Serious fraud investigation: proposals to grant statutory recognition and strengthen powers to curb corporate fundraising abuses. The Serious Fraud Investigation Office (SFIO) has been constituted to investigate frauds by companies, with numerous company inquiries ordered; proposed legislative reform in the Companies Bill aims to grant statutory recognition to SFIO, expand its powers, and introduce stricter provisions to ensure transparent and accountable corporate fundraising to curb fraud.