Investigating the Frauds Committed by the Companies

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.

Tags: Serious Fraud Investigation OfficeSFIO

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eMinds Legal

eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.

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