During the last 3 years, 55 reports on fraud and misappropriation by companies have been submitted to India’s Ministry of Corporate Affairs (MCA). These reports are prepared by the Market Research and Analysis Unit (MRAU) of India’s Serious Fraud Investigation Office (SFIO).
Also, 12 investigations have been assigned to SFIO. This was stated on Monday (December 9) by Anurag Singh Thakur, Minister of State for Finance & Corporate Affairs, in a written reply to a question in Lok Sabha.
The MRAU works in SFIO and prepares research reports on serious complaints of fraud and misappropriation by the companies, referred to it by MCA or received by it. The research reports are submitted to the MCA.
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The Minister further stated that out of 12 investigations, prosecutions have been filed against 3 companies by SFIO. In 41 cases, investigations have been ordered by the Ministry to be conducted by Regional Directors (RDs) and Registrar of Companies (ROCs).
The Ministry has ordered inspections in 231 cases to be conducted by Regional Directors / Registrar of Companies and inquiry has been ordered against 31 companies to be conducted by ROCs.
Moreover, prosecutions have been filed against 27 companies by ROCs for violations of various provisions of Companies Act, 2013 and the cases are in different stages before various courts.
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