TaxTMI 
TaxTMI 
TaxTMI 
Corporate Frauds
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....orporate Frauds <br>News and Press Release<br>Dated:- 18-7-2014<br><BR>During the last three years (and this year up to 30-06-2014) the Ministry has ordered investigation into the affairs of 152 compa....
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....nies allegedly indulging in fraudulent/illegal activities. Of these, 64 investigations have been completed and reports submitted to the Ministry while in 2 cases, investigations have been stayed by th....
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....e Courts. In respect of completed investigations, Ministry has ordered filing of prosecutions against companies/ directors/ officers in default on account of various non-compliances/ offences committe....
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....d under the Companies Act, 1956 and other Statutes, as recommended in the investigation reports. Steps taken by the Ministry include: (i) Setting up a Market Research and Analysis Unit (MRAU) in the ....
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....Serious Fraud Investigation Office (SFIO) with the objectives of analyzing media reports relating to financial frauds and for conducting market surveillance of such corporates. (ii) A forensic lab wi....
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....th appropriate technology and skilled technical manpower has also been set up in the SFIO as part of MRAU. (iii) An 'Early Warning System' is being developed that would generate alerts for analysis a....
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....nd early detection of potential frauds. A pilot testing was carried out during the year 2013-14. This was stated by the Minister of Corporate Affairs, Shri Arun Jaitley in a written reply to a questi....
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....on in Lok Sabha today.<BR> News - Press release - PIB....