9911796707
TMI BlogCorporate FraudsX X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Frauds X X X X Extracts X X X X X X X X Extracts X X X X ..... O) of the Ministry in respect of 152 companies for alleged corporate frauds. These cases involve allegations of siphoning off/ diversion of funds belonging to companies by the promoter/directors, manipulation of books of accounts and other records and frauds through running of schemes by companies for collecting money from the public, etc. Year-wise details are as under: Year No. of companies or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dered for investigation 2011-12 13 2012-13 43 2013-14 93 2014-15 (up to 30-06-2014) 03 Total 152 Government has initiated a number of measures to prevent and deal with occurrence of corporate frauds. These are as under: * Enhanced disclosure norms under the Companies Act, 2013 so that investors get all relevant information from the companies; * "Fraud" has been defined under the Com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... panies Act, 2013 for the first time as a substantive offence, and cover many dubious activities which were not specifically covered under the Companies Act, 1956; * Serious Fraud Investigation Office (SFIO) has been granted statutory status with adequate powers under the Companies Act, 2013. * Provisions for attachment and disgorgement of assets introduced under the Companies Act, 2013. * Au ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ditors' accountability and independence enhanced through provisions which inter alia include rotation of auditors, etc. This would improve objectivity of audit and provide better insights to the investors; The Ministry organizes investor awareness programmes regularly in association with the three professional institutes - Institute of Chartered Accountants of India (ICAI), Institute of Cost Acco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... untants of India (ICAI) and Institute of Company Secretaries of India (ICSI) in various cities under the aegis of Investor Education and Protection Fund (IEPF). The programmes are held for creating awareness and empowerment amongst investors. Since 2012-13, MCA has also started organizing such programmes in rural areas through CSC e-Governance Services India Ltd., an entity under Department of Ele ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctronics and Information Technology. 2897 such programmes were organised during the year 2013-14.
This information was given by Smt. Nirmala Sitharaman, MoS in the Ministry of Corporate Affairs in written reply to a question in the Lok Sabha today. X X X X Extracts X X X X X X X X Extracts X X X X
|
