TaxTMI 
TaxTMI 
Frauds/Irregularities by Companies
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....rauds/Irregularities by Companies <br>News and Press Release<br>Dated:- 18-11-2016<br><BR>Cases related to corporate frauds have come to the light in the country in recent years. Year-wise details of the investigations ordered through the Serious Fraud Investigation Office (SFIO) during the last three years and the current year, are as under: Year Investigations referred to SFIO Investigations ....
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....completed Investigations under progress Investigations Quashed/ stayed by Courts 2013-14 83 78 04 01 2014-15 71 49 19 03 2015-16 184 11 172 01 2016-17 (till date) 52 01 50 01 Total 390 139 245 06 During the last three years and in the current year, SFIO has filed 258 prosecutions in various Courts. In this period, 163 number of cases have been disposed off by the court....
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....s, of which there has been successful conviction in 77 cases wherein punishment including imprisonment to directors as well as of fines have been imposed. The mandate under the Companies Act, is to conduct investigation, find out the violations of Companies Act, 1956 and take penal action for appropriate punishment provided under the Companies Act, 1956. Details of expenditure incurred on the ....
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....functioning of SFIO during the last three years and the current year are as under: Year Amount (in crore) 2013-14 9.25 2014-15 9.84 2015-16 10.18 2016-17 (till date) 8.91 The Government has taken various measures to strengthen the SFIO to check fraud/ irregularities by companies, including: (i) the term "Fraud" has been defined in the Companies Act, 2013; (ii) Statutory status to....
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.... the Serious Fraud Investigation Office (SFIO); (iii) Increasing application of technology for early detection of frauds through data mining and Forensic Audit, etc. This was stated by Shri Arjun Ram Meghwal, Minister of State in the Ministry of Corporate Affairs in written reply to a question in Lok Sabha today.<BR> News - Press release - PIB....