SFIO investigating 14 cases – says R.P.N. Singh

The Minister of State of Corporate Affairs, Shri R.P.N. Singh has stated that serious Fraud Investigation Office (SFIO) is currently investigating 14 cases. In the past two years investigation in respect of 25 companies were completed and 117 petitions were filed by SFIO in the Competent Courts. The Hon’ble Courts ordered convictions in 39 prosecution cases filed by SFIO in the preceding years. The SFIO has completed investigation in respect of M/s. Satyam Computer Services Ltd.

Replying to questions in the Rajya Sabha yesterday, he said The Vepa Kamesam expert Committee on SFIO submitted its report to Ministry of Corporate Affairs recommending inter-alia statutory administrative and organizational changes for making SFIO more effective in containing corporate frauds. The Ministry of Corporate Affairs introduced the Companies Bill, 2009 incorporating the suggestions of the expert Committee. The recommendations of the Parliamentary Committee on Companies Bill, 2009 suggesting various measures to strengthen investigation process and the machinery have been incorporated in the draft Bill.

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3. SFIO completed investigation of 49 Companies
4. SFIO may be engaged to recover bad loans from companies
5. Government ordered SFIO investigation into Global Trust Bank case