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’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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Internship Programme at Serious Fraud Investigation Office (SFIO)

Company Law - As you are aware, you to our organisation Serious Fraud Investigation Office (SF10) is a multi-disciplinary organization under the Ministry of Corporate Affairs, Government of India, manned by experts in the fields of accountancy, forensic audit, general law, information technology, investigation, company law, capital market, Income Tax a...

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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"

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.”,...

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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, 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...

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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 (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 |

SFIO arrests Neeraj Singhal in connection with Bhushan Group investigation

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....

Read More
Posted Under: Company Law |

SFIO investigating 21 cases involving 225 entities in 2017-18

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:...

Read More
Posted Under: Company Law |

Internship Programme at Serious Fraud Investigation Office (SFIO)

No. 09/01/2018-Admin-SFIO/I/13817/2018 (15/05/2018)

As you are aware, you to our organisation Serious Fraud Investigation Office (SF10) is a multi-disciplinary organization under the Ministry of Corporate Affairs, Government of India, manned by experts in the fields of accountancy, forensic audit, general law, information technology, investigation, company law, capital market, Income Tax a...

Read More
Posted Under: Company Law |

Serious Fraud Investigation Office And arresting powers

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. ...

Read More
Posted Under: Company Law |

Investigation – SFIO – Arrest

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...

Read More
Posted Under: Company Law |

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

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...

Read More
Posted Under: Company Law |

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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‘Task Force on Shell Companies’ for effectively tackling malpractices

With a view to have consolidated relevant information at one place and based upon inputs from all law enforcement agencies, the Serious Fraud Investigation Office under the Ministry of Corporate Affairs has undertaken the exercise of preparing comprehensive digital database of shell companies and their associates that were identified by v...

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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 |

Working and objects 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;...

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Posted Under: Company Law |

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 Act, 1956, namely:- 1. Shri H.K. Pandey...

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New Companies Bill – Government proposes to further strengthen the SFIO

Keeping in view the recommendations made by Vepa Kamesam committee, it is proposed to give statutory recognition to SFIO. Besides, powers such as treating its investigation report as a report filed by a Police Officer, giving SFIO power to issue letter of requests (letter Rogatory) in cases involving companies having business/interest out...

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Posted Under: Company Law |

Government proposes to give more powers to SFIO

SFIO - The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Lok Sabha that keeping in view the recommendations made by Vepa Kamesam committee, it is proposed to give statutory recognition to SFIO. Besides, powers such as treating its investigation report as a report filed by a Police Officer, giv...

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Posted Under: Company Law |

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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SFIO investigates 33 cases in last 3 years and Competition Appellate Tribuanl (CAT) receives 36 appeals against decisions of CCI

The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Rajya Sabha that 33 cases have been investigated by SFIO during the last 3 years i.e. 2008-09, 2009-10, 2010-11 and 2011-12 (till date 05.08.2011). The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the...

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Posted Under: Company Law |

Ministry of Corporate Affairs asks SFIO to outsource job partly to private sleuths

Ministry of Corporate Affairs has asked corporate fraud investigating agency SFIO to outsource part of its work to private sleuths to overcome the problem of staff shortage that was causing delay in completing probes timely. The Ministry, in an internal note to the Serious Fraud Investigating Office (SFIO), has directed the body to hire p...

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Posted Under: Company Law |

Jurisdiction of Companies Act under which SFIO is functioning is restricted to India only

The jurisdiction of Companies Act, 1956 under which the SFIO is functioning is restricted to the territory of India. Investigation regarding diversion of funds outside the country, is being carried on by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) for which they have the requisite powers. This was stated by ...

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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 |

Government ordered SFIO investigation in to Global Trust Bank case

Government ordered SFIO investigation into Global Trust Bank case ...

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Posted Under: Company Law |

SFIO Expert Committee, Cases Referred and Investigations by them

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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Posted Under: Company Law |

SFIO investigated 61 cases during 2004-05 to 2008-09

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...

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Posted Under: Company Law |

SFIO completed investigation of 49 Companies

The Government has informed the Parliament that the Serious Fraud Investigation Office (SFIO) has so far investigated cases relating to 49 companies. Giving this information in written reply to a question in Rajya Sabha, Shri Salman Khurshid, Minister for Corporate Affairs, said that the SFIO has no power to convict the companies as power...

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Posted Under: Company Law |

Market research and analysis unit in the serious fraud investigation office

The Government has set up a Market Research and Analysis Unit in the Serious Fraud Investigation Office with the objective of improvements in the regulatory system in Corporate Sector. Giving this information in the Lok Sabha today Shri Salman Khurshid, Minister of Corporate Affairs said the unit will inter-alia perform following main fun...

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Posted Under: Company Law |

New Companies Bill 2009 likely to provide more power to SFIO

The New Companies Bill 2009, which seeks to replace the existing Companies Act of 1956, has already factored in the lessons from the Satyam incident and would look at strengthening the role of Serious Fraud Investigation Office (SFIO) in order to arm it with legal and statutory powers to probe corporate misdoings, according to Mr [&hellip...

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Posted Under: Company Law |

In last three year 37 cases referred to SFI and investigation completed in only 9 cases

In all, 37 cases were referred to the Serious Fraud Investigation Office (SFIO) during the last three years i.e. during the years 2006-07, 2007-08 and 2008-09. Out of these 37 cases, investigations in respect of 9 cases have been completed. Number of people in respect of other six companies will be known only after launching prosecut...

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Posted Under: Company Law |

SFIO asked to put the Satyam prosecution on fast track

The Satyam fraud case is top priority of the government, and the investigating agency, the Serious Fraud Investigation Office (SFIO), has been asked to put the prosecution on fast track, Minister of State for Corporate Affairs (independent charge) Salman Khurshid said here Friday. “The case is required to be put on the fast track so...

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Posted Under: Company Law |

Empanelment of CA with Serious Fraud Investigation Office

No.2/2/2007Admn.  dated the 5 th May 2009  SFIO, Government of India, Ministry of Corporate Affairs, Serious Fraud Investigation Office, B3 Wing, 2 nd Floor, Paryavaran Bhavan, CGO Complex, Lodi Road, New Delhi – 110 003, New Delhi,  SFIO, a multidisciplinary organization set up to investigate corporate frauds, intends to outsour...

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Posted Under: Company Law |

SFIO may soon get nod initiate prosecution in Satyam case

The government is likely to soon give its nod to the Serious Fraud Investigation Office (SFIO) for initiating prosecution against the persons involved in the Rs 7,800 crore-accounting fraud at Satyam Computer Services. The ministry of corporate affairs is in consultation with the law ministry and will take a decision on filing cases in t...

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Posted Under: Company Law |

Satyam Auditors involved in falsification of accounts – SFIO

Holding global auditors Price Waterhouse guilty of wrongdoings in the multi-crore Satyam scam, the Serious Fraud Investigation Office has informed the government that the bookkeepers were involved in falsification of accounts of the IT firm. Detailing the role of Price Waterhouse partners in the scam involving thousands of crores of rupee...

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Posted Under: Company Law |

Empanelment of CA Firms with Serious Fraud Investigation Office (SFIO)

Serious Fraud Investigation Office has invited applications from Chartered Accountants empanelled with the office of C&AG and who may like to be associated with SFIO for carrying out forensic examination of records of companies ordered for investigation by the government....

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Posted Under: Company Law |

Income Tax Dept. asks for documents for Satyam probe

The Income Tax Department, one of the investigating agencies probing  the Satyam fraud case, has asked the Hyderabad Police for documents related to purchases and investments by the firm’s former Chairman Ramalinga Raju....

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Posted Under: Company Law |

AP Police likely to arrests More in Satyam scam

Even as Sebi officials are quizzing Satyam Computer founder B Ramalinga Raju and his brother Rama Raju at the Chanchalguda jail here,  the Andhra Pradesh police are likely to make more arrests in the Rs 7,800 crore fraud involving the IT major. CID officials investigating the case have not ruled out more arrests in about […]...

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Posted Under: Company Law |

Auditors of Satyam Computers arrested by Hyderabad police

Sources in the Hyderabad police said the CB-CID police have arrested Satyam’s two Pricewaterhouse auditors S Gopal Krishnan and Srinivas Talluri last night. Pricewaterhouse had not responded to the arrest, at the time of filing the report....

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Posted Under: Company Law |

PwC may be quizzed by US regulator

PricewaterhouseCoopers (PwC), which is facing a multiple-agency probe within the country for its “unreliable” audit of Satyam Computer Services leading to a Rs 7,000-crore accounting scandal, holds a further risk of being quizzed by US accounting regulator in India, said Institute of Chartered Accountants of India (ICAI) presi...

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Posted Under: Company Law |

Ramalinga Raju Empire extends to 40 companies

The Ramalinga Raju empire is much wider than what it was originally thought to be. Investigations now show that the Raju family had spawned more than 40 companies in the last 15 years. A majority of these companies — spread across 10 states — sprang up in the last four years and most of them […]...

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Posted Under: Company Law |

Companies having links with Satyam under SFIO scanner

The net is being cast wider with every company that has done a transaction  with Satyam now coming under the scanner of the Serious Fraud Investigation Office (SFIO), which got permission to probe Satyam’s transactions with as many as 250 companies. All the companies will have to divulge information regarding the nature of their b...

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Posted Under: Company Law |

3 NEW DIRECTORS NOMINATED ON THE SATYAM BOARD

Following is the text of the statement made by Shri Prem Chand Gupta, Minister of Corporate Affairs, at the Press Conference held here this evening:...

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Posted Under: Company Law |

SFIO will investigate Satyam Fraud Case

The ministry of corporate affairs ordered investigation into the Satyam scandal by the Serious Frauds Investigation Office (SFIO), a multi-functional investigating agency that has representations from the ministry of home affairs, Enforcement Directorate and the Intelligence department....

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Posted Under: Company Law |

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