Financial Daily from THE HINDU group of publications
Wednesday, Feb 01, 2006


News
Features
Stocks
Shipping
Archives
Google

Group Sites

Corporate - Regulatory Bodies & Rulings
Industry & Economy - Economic Offences


Serious Frauds Investigation Office may get more powers

Our Bureau

New Delhi , Jan 31

THE Ministry of Company Affairs (MCA) has constituted a committee to look into ways to strengthen the Serious Frauds Investigation Office (SFIO), including whether the investigating body should be given more teeth.

"The committee would see what should be the mechanism and how SFIO could be strengthened further," Mr Prem Chand Gupta, Minister for Company Affairs said.

While stating that so far the performance of the SFIO has been `good', the Minister said the committee report could be expected in three months. The committee is to be headed by the former RBI Deputy Governor, Mr Vepa Kamesam.

Other members include former Company Affairs Secretary, Mr M.M.K. Sardana, Mr B. Swarup of the Settlement Commission, representatives from the CBI and the Law Ministry.

The committee would examine the progress made by SFIO and also see whether it needs to be further empowered on the lines of other investigating agencies, the Minister said. The SFIO has been seeking more powers on the ground that frauds investigated by it were criminal offences, and company law was a regulatory law, where the criminal angle was defused.

SFIO was set up in 2003 as a specialised multi-disciplinary organisation to deal with cases of serious corporate frauds. It has experts from the financial sector, capital market, accountancy, forensic audit, taxation, law, information technology, company law, customs and investigation.

These experts have been taken from various organisations such as banks, Securities & Exchange Board of India, the office of the Comptroller and Auditor General and other organisations and departments of the Government.

The J.J. Irani Committee on Company Law had also recommended that the SFIO be strengthened while retaining its multi-disciplinary character. In addition to investigation, there is also a need to take up prosecution in certain cases in the appropriate forum, the committee added.

More Stories on : Regulatory Bodies & Rulings | Economic Offences

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page



Stories in this Section
Canoro begins oil sales from Assam field


Suryalakshmi allots 14 lakh shares to UTI
Correction
No objection to HPL equity allotment to IOC, IDBI: TCG
Firm on retaining majority stake

Matrix plans overseas offering
Mold-Technologies net rises
Falcon Tyres' board, management recast
IndianOil shows interest in Niko's oil, gas assets
Strategic investment gathers steam
Natco Pharma buys US drug store
Hidesign to boost overseas presence
TCI board nod for merger plan
Arbitrator fixes Maha Scooters share price at Rs 151.63
Heavy commercial vehicle unit — Tata Motors requests W. Bengal to finalise incentive package
Power Security opens Indian division
TTK Prestige to set up 2 plants
Serious Frauds Investigation Office may get more powers
AP Paper declares lockout
Sakuma Exports to tap capital market on Feb 8 with IPO
GVK Power to bid for overseas contracts
Hind Motors bullish on auto components biz
Actis managing partner rejoins Punjab Tractors board
Jai Hiremath on Novartis board



The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2006, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line