SFIO

Serious Fraud Investigation Office – “Apercu”

Company Law - I. INTRODUCTION:  The recent scams and corporate frauds (White-Collar Crimes, to be more specific) saw an enormous rise since past many years like Sahara scam, Satyam Scam, Bofors Scam, 2G Spectrum Scam. It was the time for the Government to impede such frauds which were causing heavy damage to the economy. The Government in the [&hellip...

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Serious Fraud Investigation Office And arresting powers

Company Law - Section 211 set forth the provision for the power of the Central Government to establish an office to be called the Serious Fraud Investigation Office to investigate frauds relating to a company. ...

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Investigation – SFIO – Arrest

Company Law - The Ministry of Corporate Affairs by Notification NO. S.O. 2751(E) Dated: 24th August, 2017 has notified that [1]Section 212 sub-section (8), (9) and (10) shall come into force w.e.f. 24.08.2017. MCA further vide [2]notification no. G.S.R. 1062(e) Dated: 24th August, 2017 has published rules called the Companies (Arrests in connection wit...

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Serious Fraud Investigation Office And Its Powers Under Companies Act, 2013

Company Law - In this piece of writing, author throws light on new concept introduced under Companies Act, 2013 (the Act) regarding of Establishment of Serious Fraud Investigation Office (SFIO) by Central Government and investigation of affairs of company by established SFIO & their powers to arrest the accused. Its laid down procedure and mechanism fo...

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Serious Fraud Investigation Office Under Companies Act, 2013

Company 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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SFIO investigating 20; RDs investigating 38 cases in misuse of corporate structure/ fraud Financial Year 2020-21

Company Law - The Ministry of Corporate Affairs (MCA) has ordered for investigation and assigned to Serious Fraud Investigation office (SFIO) and Regional Directors (RDs) in the cases where there are allegations of misuse of corporate structure/ fraud....

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SFIO’s prepares 55 reports on fraud & misappropriation by Companies

Company Law - During the last 3 years, 55 number of research reports prepared by Market Research and Analysis Unit (MRAU) have been submitted to the Ministry of Corporate Affairs (MCA). 12 number of investigations have been assigned to Serious Fraud Investigation Office (SFIO)....

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Text of Charge sheet Filed by SFIO against IL&FS

Company Law - That during investigation it was revealed that IL&FS  Financial Services Ltd. (hereinafter as 'IFIN') is one of the subsidiary companies of the IL&FS Group, whose investigation has also been ordered by MCA as stated above....

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SFIO arrests Neeraj Singhal in connection with Bhushan Group investigation

Company Law - Mr. Neeraj Singhal, erstwhile Promoter and Managing Director of Bhushan Steel Limited was arrested by the Serious Fraud Investigation Office (SFIO). He was produced before the court of Competent Jurisdiction today and was sent to Judicial Custody till 14thAugust, 2018....

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SFIO investigating 21 cases involving 225 entities in 2017-18

Company Law - Government has established Serious Fraud Investigation Office (SFIO) to look into serious corporate frauds including Multi-National Companies (MNCs). The details of investigations assigned to SFIO are:...

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Siphoning of Company Funds | Rockland Hospitals Case | HC refuses to Grant Bail

Prabhat Kumar Srivastava Vs SFIO (Delhi High Court) - Prabhat Kumar Srivastava Vs SFIO (Delhi High Court) 1. The applicant, vide the present application seeks the grant of regular bail in complaint No. 149/2020 pending before the learned Special Judge, Companies Act, Dwarka District Courts in the complaint titled as ‘Serious Fraud Investigation O...

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Bhushan Steel Case: HC quashes summons issued to limited extent against PNB Executive Director

Rajesh Kumar Yaduvanshi Vs. Serious Fraud Investigation Office (SFIO) & Anr. (Delhi High Court) - Rajesh Kumar Yaduvanshi Vs. Serious Fraud Investigation Office (SFIO) & Anr. (Delhi High Court) The petitioner has filed the present petition impugning a summoning order dated 16.08.2019 issued by the learned ASJ in Complaint Case No. 770/2019 captioned “Serious Fraud Investigation Office (SFI...

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HC allows bail to accused director since trial not possible due to lockdown

Aditya Kumar Bhandari Vs Serious Fraud Investigation Officer (Delhi High Court) - Bail was allowable to accused director of fraud on the reason that he was not the signatory to the alleged False Statement in the balance sheet of the Company and there was no loss caused either to any financial institution or Central/State Government and moreover, the trial proceedings is not possi...

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Bombay HC dismisses NCLT plea to ban Deloitte and BSR for 5 years

N Sampath Ganesh Vs Union of India (Bombay High Court) - Bombay High Court had upheld the constitutional validity of Section 140(5) of the Companies Act but held that it would not apply to auditors who had resigned and also squashed the prosecution or the criminal complaints filed by the Serious Fraud Investigation Office (SFIO) against the erstwhile audi...

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Keshav Chandra appointed as Director in SFIO under MCA

Notification No. S.O. 2709(E) - (11/08/2020) - Central Government hereby appoints Shri Keshav Chandra, IAS (AGMUT: 1995) as Director in the Serious Fraud Investigation Office (SFIO) under Ministry of Corporate Affairs, with effect from the forenoon of 03.08.2020, for an overall tenure of five years up to 17.12.2022 or until further orders, which...

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Committee to prepare Investigation manual for SFIO

Notification No. F. No. Legal-35/3/2020 - (06/03/2020) - F. No. Legal-35/3/2020 Government of India Ministry of Corporate Affairs 5th Floor, Shastri Bhavan, Dr. Rajendra Prasad Road, New Delhi-110001, Date: 06.03.2020 OFFICE ORDER Subject: Constitution of High Level Committee for preparation of Investigation manual for Serious Fraud Investigation Office (...

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Companies (Arrests in connection with Investigation by SFIO) Rules, 2017

Notification No. G.S.R. 1062(E) - (24/08/2017) - (1) These rules may be called the Companies (Arrests in connection with Investigation by Serious Fraud Investigation Office) Rules, 2017. (2) They shall come into force on the date of their publication in the Official Gazette....

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Serious Fraud Investigation Officers authorized for purposes of filing & conducting prosecution under Act

Notification No. G.S.R. 715(E) - (23/09/2011) - In pursuance of sub-section (1) of section 621 of the Companies Act, 1956 (1 of 1956), the Central Government hereby authorise the following officers in the Serious Fraud Investigation Office, Ministry of Corporate Affairs, for the purposes of filing and conducting prosecution under the Companies Ac...

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Company Law – Authorized Serious Fraud Investigation Officers

Notification No. G.S.R. 617(E) - (11/08/2011) - NOTIFICATION NO. G.S.R. 617(E) Section 621 of The Companies Act, 1956 - Offences - Offences Against Act To Be Cognizable Only On Complaint By Registrar, Shareholder Or Government - Authorized Serious Fraud Investigation Officers...

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Recent Posts in "SFIO"

Siphoning of Company Funds | Rockland Hospitals Case | HC refuses to Grant Bail

Prabhat Kumar Srivastava Vs SFIO (Delhi High Court)

Prabhat Kumar Srivastava Vs SFIO (Delhi High Court) 1. The applicant, vide the present application seeks the grant of regular bail in complaint No. 149/2020 pending before the learned Special Judge, Companies Act, Dwarka District Courts in the complaint titled as ‘Serious Fraud Investigation Officer (SFIO) Vs. Rockland Hospitals Ltd...

Read More

SFIO investigating 20; RDs investigating 38 cases in misuse of corporate structure/ fraud Financial Year 2020-21

The Ministry of Corporate Affairs (MCA) has ordered for investigation and assigned to Serious Fraud Investigation office (SFIO) and Regional Directors (RDs) in the cases where there are allegations of misuse of corporate structure/ fraud....

Read More
Posted Under: Company Law |

Bhushan Steel Case: HC quashes summons issued to limited extent against PNB Executive Director

Rajesh Kumar Yaduvanshi Vs. Serious Fraud Investigation Office (SFIO) & Anr. (Delhi High Court)

Rajesh Kumar Yaduvanshi Vs. Serious Fraud Investigation Office (SFIO) & Anr. (Delhi High Court) The petitioner has filed the present petition impugning a summoning order dated 16.08.2019 issued by the learned ASJ in Complaint Case No. 770/2019 captioned “Serious Fraud Investigation Office (SFIO) v. Bhushan Steel Limited and Ors.”,...

Read More

Keshav Chandra appointed as Director in SFIO under MCA

Notification No. S.O. 2709(E) 11/08/2020

Central Government hereby appoints Shri Keshav Chandra, IAS (AGMUT: 1995) as Director in the Serious Fraud Investigation Office (SFIO) under Ministry of Corporate Affairs, with effect from the forenoon of 03.08.2020, for an overall tenure of five years up to 17.12.2022 or until further orders, whichever is earlier....

Read More

Serious Fraud Investigation Office – “Apercu”

I. INTRODUCTION:  The recent scams and corporate frauds (White-Collar Crimes, to be more specific) saw an enormous rise since past many years like Sahara scam, Satyam Scam, Bofors Scam, 2G Spectrum Scam. It was the time for the Government to impede such frauds which were causing heavy damage to the economy. The Government in the [&hellip...

Read More
Posted Under: Company Law |

HC allows bail to accused director since trial not possible due to lockdown

Aditya Kumar Bhandari Vs Serious Fraud Investigation Officer (Delhi High Court)

Bail was allowable to accused director of fraud on the reason that he was not the signatory to the alleged False Statement in the balance sheet of the Company and there was no loss caused either to any financial institution or Central/State Government and moreover, the trial proceedings is not possible within the reasonable time because o...

Read More

Bombay HC dismisses NCLT plea to ban Deloitte and BSR for 5 years

N Sampath Ganesh Vs Union of India (Bombay High Court)

Bombay High Court had upheld the constitutional validity of Section 140(5) of the Companies Act but held that it would not apply to auditors who had resigned and also squashed the prosecution or the criminal complaints filed by the Serious Fraud Investigation Office (SFIO) against the erstwhile auditors of Infrastructure Leasing and Finan...

Read More

Committee to prepare Investigation manual for SFIO

Notification No. F. No. Legal-35/3/2020 06/03/2020

F. No. Legal-35/3/2020 Government of India Ministry of Corporate Affairs 5th Floor, Shastri Bhavan, Dr. Rajendra Prasad Road, New Delhi-110001, Date: 06.03.2020 OFFICE ORDER Subject: Constitution of High Level Committee for preparation of Investigation manual for Serious Fraud Investigation Office (SFIO) With the approval of Competent Aut...

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SFIO’s prepares 55 reports on fraud & misappropriation by Companies

During the last 3 years, 55 number of research reports prepared by Market Research and Analysis Unit (MRAU) have been submitted to the Ministry of Corporate Affairs (MCA). 12 number of investigations have been assigned to Serious Fraud Investigation Office (SFIO)....

Read More
Posted Under: Company Law |

Text of Charge sheet Filed by SFIO against IL&FS

That during investigation it was revealed that IL&FS  Financial Services Ltd. (hereinafter as 'IFIN') is one of the subsidiary companies of the IL&FS Group, whose investigation has also been ordered by MCA as stated above....

Read More
Posted Under: Company Law |

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