Question : SERIOUS FRAUD OFFICE

(a) whether the Government propose to set up serious frauds office to limit corporate frauds on cheating of shareholders, depositors and investors;

(b) if so, the details thereof;

(c) the details of cases with the Government for investigation of frauds committed by corporates involving Rs. 10 crore and more; and

(d) the effective steps taken by the Government to book the guilty?

THE MINISTER OF FINANCE AND COMPANY AFFAIRS (SHRI JASWANT SINGH):

(a) Yes, Sir.

(b) Detailed provisions are still being finalised.

(c) and (d) In the financial year 2002-03, investigation under section 235/237 of the Companies Act has been ordered in respect of 3 companies. Further, prosecution under section 63, 68 & 628 has been ordered against more than 100 companies.