TaxTMI 
TaxTMI 
Cases of Serious Fraud
X X X X Extracts X X X X
X X X X Extracts X X X X
....ases of Serious Fraud <br>News and Press Release<br>Dated:- 5-12-2014<br><BR>Discovery of commission of offences like Corporate Frauds is primarily through investigations on complaints. There is already a separate agency under the Ministry of Corporate Affairs, the Serious Fraud Investigation Office (SFIO) to investigate corporate frauds. It was set up through a Resolution dated 02.07.2003 to inve....
X X X X Extracts X X X X
X X X X Extracts X X X X
....stigate corporate frauds of serious and complex nature. During the last three years and in the current year from 01.04.2014 to 30.11.2014 the Ministry, has ordered investigations through SFIO in respect of 167 companies for alleged corporate frauds. Year-wise details are as under: Year No. of Companies 2011-2012 13 2012-2013 43 2013-2014 82 2014-2015 (Till 15.11.2014) 29 The Ministry ha....
X X X X Extracts X X X X
X X X X Extracts X X X X
....s also conducted inspection under section 209A of books of accounts and other records of National Spot Exchange Limited, Financial Technology India Limited and Multi Commodity Exchange India Limited to examine the alleged frauds committed at the Commodities Stock Exchange. Following steps have been taken by the Government in connection with investigation of corporate frauds: (i) Enhanced discl....
X X X X Extracts X X X X
X X X X Extracts X X X X
....osure norms under the Companies Act, 2013 so that investors get all relevant information from the companies; (ii) "Fraud" has been defined under the Companies Act, 2013 for the first time as a substantive offence, and cover many dubious activities which were not specifically covered under the Companies Act, 1956; (iii) Serious Fraud Investigation Office (SFIO) has been granted statutory status....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... with adequate powers under the Companies Act, 2013; (iv) Provisions for attachment and disgorgement of assets introduced under the Companies Act, 2013; (v) Auditors' accountability and independence enhanced through provisions which inter alia include rotation of auditors, etc. This would improve objectivity of audit and provide better insights to the investors. No such Committee has been co....
X X X X Extracts X X X X
X X X X Extracts X X X X
....nstituted by the Ministry. However, for the purpose of speedy disposal of court cases, the respective Registrars of Companies are regularly monitoring the progress of court cases and are also interacting with the respective Chief Metropolitan Magistrates for speedy disposal of the cases. This was stated by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Lok....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Sabha today.<BR> News - Press release - PIB....