The Expert Committee under the Chairmanship of Sh. Vepa Kamesam was constituted by the Ministry on 23.02.2006 to advise on various issues concerning the Serious Fraud Investigation Office (SFIO) particularly the nature of legislation and changes required in the existing laws, to enable effective functioning of SFIO. The Committee has since submitted its report to the Ministry on 29.04.2009. Based on the report, in the Companies Bill, 2011 recognition to SFIO through clause no. 211 and empowering it with powers to investigate into the affairs of the company through clause no. 212 has been provided.
This information was given by Minister of State for Corporate Affairs Shri R.P.N. Singh in reply to a written question in the Rajya Sabha today.