Sponsored
    Follow Us:
Sponsored

During last five years i.e. from 2008-09 to 2012-13 a total of 782 inspection reports in respect of companies were received in the Ministry of Corporate Affairs. Based on the findings in the inspection reports, penal actions have been taken against the companies and their directors/officers in default for violation of various provisions of the Companies Act, 1956. Giving this information in written reply to a question in the Rajya Sabha, Shri Sachin Pilot, Minister of Corporate Affairs, said that the Ministry has taken following steps to keep effective check on frauds/ irregularities committed by companies:

(i) An Early Warning System has been devised to generate alerts on the basis of certain parameters;

(ii) Market Research and Analysis Unit has been set up in the Serious Fraud Investigation Office; and

(iii) Certain class of companies have been mandated to file their balance sheets in Xtensible Business Reporting Language (XBRL) mode for analysis of data and generation of alerts on the basis of certain parameters.

Sponsored

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

Leave a Comment

Your email address will not be published. Required fields are marked *

Sponsored
Sponsored
Search Post by Date
July 2024
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
293031