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Government of India
Ministry of Corporate Affairs

19-December-2011 17:37 IST

Working of SFIO

 

SFIO was established for investigations falling with the following characteristics:

(i)        of complex nature with inter -departmental  and multi-disciplinary ramifications;

(ii)      involving substantial public interest to be judged by size, either in terms of monetary misappropriation or in terms of  persons affected, and;

(iii)    with the possibility that investigation  will lead to or contribute towards a clear improvement in systems,  laws or procedures.

The details of  cases investigated by SFIO in the last three years is placed at Annexure “A”.

The Veppa Kamesam Committee constituted by the Ministry of Corporate  Affairs

In February, 2006 to consider measures to strengthen SFIO and streamline its functioning has recommended inter-alia statutory, administrative and organisational changes for making SFIO more effective in containing corporate frauds. As regards the legislative changes in respect of the definition of corporate frauds and statutory recognition to SFIO  etc. The Ministry of Corporate Affairs has introduced the Companies Bill, 2011 in the ongoing session of the Parliament incorporating the suggestions of the expert committee to strengthen investigation process and the machinery. In addition to the legislative measures, 58 additional posts have been created and it has been decided to set up regional offices at Mumbai, New Delhi, Hyderabad, Chennai, Kolkata and Ahmadabad to increase the reach of the office and for better monitoring of procecution cases in progress at various places.

Union Corporate Affairs Dr. M. Veerappa Moily gave this information in a  written reply in Lok Sabha today.

ANNEXURE-‘A’

ANNEXURE TO PART (C) OF THE RAJYA SABHA UNSTARRED QUESTION NO. 2828 FOR 19.12.2011.

 

Sl. No. Name of Company Sl. No. Name of Company
1. Shonk Tech. International Ltd. 22. PSG Developers & Engineers Ltd.
2. JVG Industries Ltd. 23. Zent Software Ltd.
3. JVG Publication Ltd. 24. Sugandh Estate & Investment Pvt. Ltd.
4. JVG Hotels Ltd. 25. Amadhi Investments Ltd.
5. JVG Steel Limited 26. Welvet Financial Advisors Pvt. Ltd.
6. JVG Techno India Limited 27. AVI Telecom Ltd.
7. JVG Holdings Limited 28. AVI Petroleum Ltd.
8. JVG Farm Fresh Limited 29. AVI Packaging (India) Ltd.
9. JVG Housing Finance Ltd. 30. A&R Oil Mils Pvt. Ltd.
10. JVG Overseas Limited 31. Rishi Spinners Ltd.
11. JVG Securities Ltd. 32. Rishi Financial Services Ltd.
12. JVG Securities Ltd. 33. Sesa Goa Ltd.
13. SHCIL Services Ltd. 34. Sesa Industries Ltd.
14. Leafin India Ltd. 35. Systems America (India) Ltd.
15. Elder Pharmaceuticals Ltd. 36. Ambuja Cements Ltd.
16. Satyam Computer Services Ltd. 37. ACC Ltd.
17. Krishi Export Commercial Corporation Ltd. 38. Ultratech Cement Ltd
18. JVG Departmental Stores Ltd. 39. Megacity (Bangalore) Developers & Builders Ltd.
19. JVG Finance Ltd. 40. Rishi Oil & Fats Ltd (in Liqn)
20. Nicco UCO Alliance Credit Ltd. 41. AVI Shoes Ltd (in Liqn)
21. Infomation Technologies India Ltd. 42. AVI Industries Ltd (In Liqn)

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