Fraud

Commencement Notification CA2013 :: Miscellaneous :: Section 447 :: Punishment for fraud

Chapter XXIX Miscellaneous (447 - 470) Section 447- Punishment for fraud Without prejudice to any liability including for repayment of any debt under this Act or any other law for the time being in force, any person who is found to be guilty of fraud, shall be punishable with imprisonment for a term which shall… Read More

Tags: CompanyFeedBurnerFraudLawLegal liabilityLegal personalityPunishmentSite of Special Scientific Interest

Factors Leading to Corporate Frauds and the Measures Taken by the Government to Check them

The Government has said that the reports appearing in a section of media indicate that a Section 25 Company, Thought Arbitrage Research Institute has published a study indicating inter alia occurrence of frauds in companies due to factors like inadequate internal control procedures, diversion of funds by promoters/ top management, failure of audit in detection… Read More

Tags: CompanyCorporate Affairs MinistryCorporate GovernanceFraudGovernmentLok SabhaSachin PilotSecurities & Exchange Board of India

Salient Points of SEBI Board Meeting Held on 12th August 2013

  The SEBI Board met in Mumbai today and took the following decisions:    1.  Amendment to the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 Illegal mobilization of money by unregistered Collective Investment Schemes   The Board has approved the proposal to declare illegal mobilization of funds without… Read More

Tags: Collective investment schemeFraudMumbaiProhibition of FraudulentSEBISecurities & Exchange Board of IndiaSecurities marketUnfair Trade Practices

MCA in the process of Developing an Early Warning System to Identify Early Signs of Frauds

The Ministry of Corporate Affairs is in the process of developing an early warning system to identify early signs of frauds including potential frauds. Giving this information in written reply to a question in the Rajya Sabha today, Shri Sachin Pilot, Minister of Corporate Affairs, said that Pilot testing of the proposed system is expected… Read More

Tags: DominicaFraudGovernmentIndiaIndian Penal CodeMinistry of Corporate AffairsRajya SabhaWarning system

Conference Alert | ASSOCHAM National Conference on Financial Frauds – Risk & Prevention

Objectives of the Conference: The phenomenal economic growth the country witnessed in the recent times with increased reach and penetration requires fine tuning of legislative reforms on an ongoing basis, as to address the growing financial frauds as well as to accommodate growth. In the path to global integration and opening up of the economy, the… Read More

Tags: ASSOCHAMCentral Bureau of InvestigationCorporate Affairs MinistryFraudIndiaNew DelhiRana KapoorSunil Kanoria

Conference Update :: Day 2 Session Details :: Corporate Crimes & Organisational Integrity Management 2013

Session 1: The role of discreet and covert intelligence gathering in investigating swindle, bribery and corruption Discreet investigative due diligence investigations, enable to minimize organisational risks Deep understanding of investigative, intelligence techniques and analysis in support of corporate investigations Anti corruption and bribery Security issues, particularly related to political violence Session 2: Strategy and map to… Read More

Tags: AMLBusinessCorporate crimeCorporate lawCorporate Law ReporterCorporationCrimeFraudInteragency CoordinationJulyOrganizationPrincess JuhuSecurity

Conference Alert – Corporate Crimes & Organisational Integrity Management 2013

Companies are susceptible to economic crime especially during stressed economies. Deliberate steps by one or more individuals, internal or external to deceive or mislead with the objective of misappropriating assets of a business, distorting an organization's apparent financial performance or strength, or otherwise obtaining an unfair advantage can be termed as corporate crime. Corporate crime… Read More

Tags: BusinessCorporate crimeCorporate lawCorporationCrimeFraudIndiaJuhuMumbaiOrganizationUnited States

Lifting of Corporate Veil with reference to Leading Cases

COMPANY LAW LIFTING OF CORPORATE VEIL WITH REFERENCE TO LEADING CASE Shagun Singh 15.04.2013  NATIONAL UNIVERSITY OF RESEARCH AND STUDY IN LAW 2013 INTRODUCTION Corporate personality has been described as the ˜most pervading of the fundamental principles of company law[1]. It constitutes the bedrock principle upon which company is regarded as an entity distinct from… Read More

Tags: BusinessCompanies Act 1956Company LawFraudHobart BridgeHouse of LordsLifting of corporate veilMisrepresentationPiercing Corporate VeilSalomonSalomon & CoSalomon v A Salomon & Co LtdSeparate Legal Entityundercapitalization

Action Taken in Cases of Corporate Frauds

From the years 2009-10 to 2013-14 (till date), 132 cases of fraud/ illegal transaction have been brought to the notice of the Ministry of Corporate Affairs.  Giving this information in written reply to a question in the Rajya Sabha today Shri SachinPilot, Minister of Corporate Affairs, gave details of the action taken in respect of these cases as follows: (i)    In 89… Read More

Tags: Collective investment schemeCorporate Affairs MinistryFraudSecurities and Exchange Board of IndiaSerious Fraud Investigation OfficeSFIOThe Companies Act 1956

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