The Corporate Affairs Ministry has ordered an SFIO probe against 390 companies in more than three years for allegedly indulging in fraudulent activities, Parliament was informed Tuesday.
The ministry has also initiated various measures to protect investors.
From 2013-14 till date in the current fiscal, the ministry has ordered investigations through SFIO in the affairs of 390 companies allegedly indulging in fraudulent activities, Minister of State for Corporate Affairs Arjun Ram Meghwal said in a written reply to the Rajya Sabha.
Of these, investigations have been completed in 139 cases and probe is “under progress” in 245 cases.
Besides, such probes have been quashed or stayed by the courts in as many as six cases.
- Soon You Could Get Plastic Currency Notes: Find Out More
- Ranveer Singh and Vaani Kapoor Starrer Befikre Gets A Thumbs Up
- Supreme Court Seeks Centre’s Response Over Various Issues Regarding Demonetisation
- Defence Minister Manohar Parrikar Writes To West Bengal CM Mamata Banerjee
- Bigg Boss 10 December 8 Review: Swami Om Feels Cheated, lashes Out At Gaurav For Jail Punishment
- South Korean President Park Geun-Hye Impeached Over Corruption Scandal
- Former Air Chief SP Tyagi Arrested In VVIP Chopper Scam
- After Congress Vice President Rahul Gandhi, Liquor Baron Vijay Mallya’s Twitter Account Hacked
- Find Out What PM Narendra Modi Told Cabinet Over Demonetisation Decision
- Home Minister Rajnath Singh Assures Safety Of All Tourists Stranded On Havelock Island
- Government To Waive Service Tax On Debit, Credit Card Transactions Of Up To Rs 2,000
- President Pranab Mukherjee Criticises Parliament Disruptions Over Demonetisation
- Pakistan International Airlines Flight Carrying Over 40 Passenger On Board Crashes
- Shah Rukh Khan On Raees Clash With Kaabil: It’s Impossible To Have A Solo Release In India
- US-President Elect Donald Trump Named TIME’s Person Of The Year 2016
The ministry has also taken several steps to protect investors including stricter norms of corporate governance and their implementation in the Companies Act and giving statutory status to the SFIO (Serious Fraud Investigation Office).
Besides, the minister said that Companies Act has defined “fraud”. Also, the usage of technology has been increasing for early detection of frauds through data mining and forensic audit among others.