Serious Fraud Investigation Office

Serious Fraud Investigation Office Under Companies Act, 2013

Corporate Law - The Serious Fraud Investigation Office (SFIO) is a fraud investigating agency in India. The SFIO is a multi-disciplinary organization and was set up by Govt. of India under Ministry of Corporate Affairs, consisting of experts in the different fields for detecting and prosecuting crimes/frauds pursuance to Government of India Resolution No...

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Brief Outline on Guidance Note on Reporting of Fraud U/s. 143(12) of Companies Act 2013

Corporate Law - The article briefly explains the guidelines issued by the Auditing Assurance Standards Board of Institute of Chartered Accountants of India on Reporting of Fraud under Sec 143(12) of the Companies Act 2013....

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SFIO Expert Committee, Cases Referred and Investigations by them

Corporate Law - Investigations by Serious Fraud Investigation Office :- Serious Fraud Investigation Office (SFIO), functioning under the Ministry of Corporate Affairs, has handled 61 cases for investigation during 2004-05 to 2008-09. Giving this information in reply to a question in the Rajya Sabha, the Minsiter for Corporate Affairs, Shri Salman Khurshi...

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MLM/ Ponzi Schmes- Status of Action against 187 Companies

Corporate Law - MCA has ordered investigations through SFIO U/s. 235 of the Companies Act, 1956 and Section 212 of Companies Act, 2013 into affairs of 187 companies (as on 13-04-2016) against whom complaints had been received regarding alleged collection of funds through MLM/ Ponzi activities from the people in different States of the country....

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Download Guidance Note on Fraud Reporting U/s. 143(12) of Companies Act, 2013

Corporate Law - The Guidance Note provides an overview of reporting requirement u/s 143(12). It also provides detailed guidance wrt various aspects of this reporting requirement like requirements for reporting u/s 143(12), responsibility of management, responsibility of auditor, Issues for consideration by the auditors, Applicability of Standards on Audi...

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List of 26 cases of Corporate Frauds

Corporate Law - Multi-national audit firms are regulated as per the Chartered Accountants Act, 1949 and the Chartered Accountants (Procedure of Investigations of Professional and other Misconduct and Conduct of Cases) Rules, 2007 and the Regulations framed thereunder. There is no bar under the Companies Act and the Chartered Accountants Act for such orga...

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

Corporate Law - 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...

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CITI Bank Fraud- Hero Group exposure Rs 28.75cr, Police questions CFO

Corporate Law - Hero Group said on Friday its exposure in the alleged financial fraud unearthed at Citigroup's Gurgaon branch in Haryana was Rs 28.75 crore and that it was taking action to recover its dues. On December 28, US-based Citigroup had said it was investig...

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Notification No. G.S.R. 777(E), dated 22-9-2010

Notification No. G.S.R. 777(E) - (22/09/2010) - In exercise of the powers conferred by clause (ii) of sub-section (1) of Section 209A of the Companies Act, 1956, the Central Government hereby authorizes the following officers in the Serious Fraud Investigation Officer (SFIO), Ministry of Corporate Affairs to inspect the books of accounts and othe...

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Notification No. G.S.R.475(E), dated 7-6-2010

Notification No. G.S.R. 475(E) - (07/06/2010) - In exercise of the powers conferred by sub-section (1) of Section 621 of the Companies Act, 1956 (1 of 1956), the Central Government hereby authorize the following officers in the Serious Fraud Investigation Office, Ministry of Corporate Affairs, for the purposes of filing and conducting prosecution...

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Recent Posts in "Serious Fraud Investigation Office"

MLM/ Ponzi Schmes- Status of Action against 187 Companies

MCA has ordered investigations through SFIO U/s. 235 of the Companies Act, 1956 and Section 212 of Companies Act, 2013 into affairs of 187 companies (as on 13-04-2016) against whom complaints had been received regarding alleged collection of funds through MLM/ Ponzi activities from the people in different States of the country....

Read More
Posted Under: Company Law |

Serious Fraud Investigation Office Under Companies Act, 2013

The Serious Fraud Investigation Office (SFIO) is a fraud investigating agency in India. The SFIO is a multi-disciplinary organization and was set up by Govt. of India under Ministry of Corporate Affairs, consisting of experts in the different fields for detecting and prosecuting crimes/frauds pursuance to Government of India Resolution No...

Read More
Posted Under: Company Law |

Brief Outline on Guidance Note on Reporting of Fraud U/s. 143(12) of Companies Act 2013

The article briefly explains the guidelines issued by the Auditing Assurance Standards Board of Institute of Chartered Accountants of India on Reporting of Fraud under Sec 143(12) of the Companies Act 2013....

Read More
Posted Under: Company Law |

Download Guidance Note on Fraud Reporting U/s. 143(12) of Companies Act, 2013

The Guidance Note provides an overview of reporting requirement u/s 143(12). It also provides detailed guidance wrt various aspects of this reporting requirement like requirements for reporting u/s 143(12), responsibility of management, responsibility of auditor, Issues for consideration by the auditors, Applicability of Standards on Audi...

Read More
Posted Under: Company Law |

List of 26 cases of Corporate Frauds

Multi-national audit firms are regulated as per the Chartered Accountants Act, 1949 and the Chartered Accountants (Procedure of Investigations of Professional and other Misconduct and Conduct of Cases) Rules, 2007 and the Regulations framed thereunder. There is no bar under the Companies Act and the Chartered Accountants Act for such orga...

Read More
Posted Under: Company Law |

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...

Read More
Posted Under: Company Law |

CITI Bank Fraud- Hero Group exposure Rs 28.75cr, Police questions CFO

Hero Group said on Friday its exposure in the alleged financial fraud unearthed at Citigroup's Gurgaon branch in Haryana was Rs 28.75 crore and that it was taking action to recover its dues. On December 28, US-based Citigroup had said it was investig...

Read More
Posted Under: Company Law |

Citibank fraud- RBI to probe scam

The Reserve Bank of India (RBI) has begun a probe into the Rs. 300 crore fraud at Citibank's Gurgaon branch. RBI Executive Director G Gopalakrishna told reporters on Friday, that soon a statement in this regard would be made. Shivraj Puri, a bank e...

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Posted Under: Company Law |

Notification No. G.S.R. 777(E), dated 22-9-2010

Notification No. G.S.R. 777(E) (22/09/2010)

In exercise of the powers conferred by clause (ii) of sub-section (1) of Section 209A of the Companies Act, 1956, the Central Government hereby authorizes the following officers in the Serious Fraud Investigation Officer (SFIO), Ministry of Corporate Affairs to inspect the books of accounts and other books and papers for every company, na...

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SFIO may be engaged to recover bad loans from companies

A day after the Supreme Court suggested that SFIO could help banks in recovering bad loans, the government on Thursday said it would look into the possibility of engaging the corporate fraud probing body to deal with the menace of non-performing assets....

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Posted Under: Company Law |
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