PIB- Investigating the Frauds Committed by the Companies

Posted: 15/12/2012 in News, PIB
Tags: , ,

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.

Source: Press Information Bureau.

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