Question : Corporate Frauds


(a) whether the Government has taken/proposes to take steps to check corporate frauds including Multinational Corporations (MNCs) across the country;

(b) if so, the details thereof and the investigation undertaken by the Government during the last three years, company-wise; and

(c) whether the Government has levied penalty after such investigation and if so, the details thereof?

Answer given by the minister


MINISTER OF STATE FOR LAW AND (SHRI P. P. CHAUDHARY)
JUSTICE AND CORPORATE AFFAIRS (???? ?? ?? ?????)
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(a) & (b): Government has established Serious Fraud Investigation Office (SFIO) to look into serious corporate frauds including those by Multinational Companies (MNCs). 67 investigations involving 520 companies were assigned to SFIO in last three years. Further, 124 investigations have also been assigned to Regional Directors (RDs) and Registrars of Companies (ROCs) in last three years.
(c): During the last three years, 95 complaints were filed before various courts of appropriate jurisdiction in respect of the offences/ non compliances reported in the investigation reports. Further an amount of Rs. 6,90,140/- has been collected as fine ordered by the courts during the above said period.
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