Company Law : Explore the depths of SFIOs role and ROC's authority in scrutinizing companies in India. Uncover how these bodies enforce complian...
Company Law : Section 212 of Companies Act, 2013 deals with investigation into the affairs of company by Serious Fraud Investigation Office (SF...
Finance : GO Mechanic scandal reveals undisclosed payments to promoters & affiliated entities. Investors were misled & funds misappropriated...
Company Law : The Serious Fraud Investigation Office (SFIO) is a fraud investigating agency in India. The SFIO is a multi-disciplinary organizat...
Company Law : The article briefly explains the guidelines issued by the Auditing Assurance Standards Board of Institute of Chartered Accountants...
Company Law : GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS LOK SABHA UN-STARRED QUESTION NO. 1282 ANSWERED ON MONDAY, JULY 25, 2022/ SRAVAN...
Corporate Law : The Government has ordered investigation into the affairs of 107 companies and 7 LLPs under the provisions of Section 212(1)(c) of...
Corporate Law : MCA has ordered investigations through SFIO U/s. 235 of the Companies Act, 1956 and Section 212 of Companies Act, 2013 into affair...
Company Law : The Guidance Note provides an overview of reporting requirement u/s 143(12). It also provides detailed guidance wrt various aspect...
Corporate Law : Multi-national audit firms are regulated as per the Chartered Accountants Act, 1949 and the Chartered Accountants (Procedure of In...
Income Tax : Pankaj Mahajan Vs Serious Fraud Investigation Office (Delhi High Court) The role of the petitioner a practicing Chartered Accounta...
CA, CS, CMA : Since the ex-promoters/directors and similarly situated chartered accountants have been granted bail, there is no reason why the A...
Company Law : In exercise of the powers conferred by clause (ii) of sub-section (1) of Section 209A of the Companies Act, 1956, the Central Gove...
Company Law : In exercise of the powers conferred by sub-section (1) of Section 621 of the Companies Act, 1956 (1 of 1956), the Central Governme...
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 Auditing, Audit procedures Technical guidance, Appendices etc.
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 organizations to take up investigations of frauds on specific requests of the clients.
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.
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
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
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, namely
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.
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 under the Companies Act, 1956.
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 Khurshid told the House that SFIO
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 Khurshid told the House that SFIO has filed prosecutions in the matter of 32 companies against 632 accused (which includes individuals as well as companies) during the last five financial years. He said that as the SFIO is an investigating agency and not a revenue earning organization, hence the benefits on account of an investigating agency cannot be quantified in terms of revenue.
