Autonomy to Serious Fraud Investigation Office

Posted: 12/05/2012 in News

The Companies Bill 2011, introduced in the Parliament on 14.11.2011 and referred to the Parliamentary Standing Committee on Finance, provides for amongst others that investigation report of SFIO be treated as a report filed by a Police Officer, power to issue letter of requests (letter Rogatory) in cases involving companies having business/ interest outside the country and definition of the term ‘fraud’ alongwith its punishment.

This information was given by the Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh in the Lok Sabha today in reply to a written question whether the Government is contemplating to confer more powers/provide autonomy to Serious Fraud Investigation Office for strengthening the corporate governance; and the steps taken by the Government in this regard.

Source: Press Information Bureau.

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