TaxTMI 
TaxTMI 
Investigation Against Companies
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....nvestigation Against Companies <br>News and Press Release<br>Dated:- 18-11-2016<br><BR>There are no provisions in the Companies Act, 1956 or 2013 relating to Chit Funds or 'Chit Fund companies'. Provisions to this effect are contained in the Chit Funds Act, 1982 which is a Central Act administered by the Ministry of Finance (Department of Financial Services) but its implementation vests in the Sta....
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....te Governments concerned who register entities running Chit Funds and regulate their affairs and proceed against violators including companies running Chit Funds without such registrations. The Central Government has however, inter- alia, investigated affairs of 185 companies falling into the category of so called Chit Funds/MLM/Ponzi activities for violation of the Companies Act through Serious F....
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....raud Investigation Office (SFIO) during the last three years and current year. A list containing State-wise and year-wise details of chit fund/MLM companies ordered for investigation during the last three years and current year (upto 31.10.2016). 2013-14 S. No. State No. of Companies ordered for Investigation Completed Investigations 1 West Bengal 57 57 2 Assam 01 01 3 Uttar Prad....
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....esh 05 05 Total 63 63 2014-15 S. No. State No. of Companies ordered for Investigation Completed Investigations 1 West Bengal 29 29 2 Jharkhand 02 02 3 Bihar 02 02 4 Orissa 18 - Total 51 33 2015-16 S. No. State No. of Companies ordered for Investigation Completed Investigations 1 West Bengal 26 10 2 Orissa 08 - 3 Maharashtra 05 - 4 Punjab 01 - 5 ....
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.... Rajasthan 01 - 6 Assam 06 - Total 47 10 2016-17 S. No. State No. of Companies ordered for Investigation Completed Investigations 1 Maharashtra 01 - 2 West Bengal 19 01 3 Orissa 01 - 4 Assam 03 - Total 24 01 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> New....
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....s - Press release - PIB....