SFIO to be Strengthened
SFIO was established for investigations falling with the following characteristics:
++ of complex nature with inter-departmental and multi-disciplinary ramifications;
++ involving substantial public interest to be judged by size, either in terms of monetary misappropriation or in terms of persons affected, and;
++ with the possibility that investigation will lead to or contribute towards a clear improvement in systems, laws or procedures.
SFIO has investigated 42 Companies including Satyam Computer, ACC and Ultratech, in the last three years.
The Ministry of Corporate Affairs has introduced the Companies Bill, 2011 in the ongoing session of the Parliament incorporating the suggestions of the expert committee to strengthen investigation process and the machinery. In addition to the legislative measures, 58 additional posts have been created and it has been decided to set up regional offices at Mumbai, New Delhi, Hyderabad, Chennai, Kolkata and Ahmadabad to increase the reach of the office and for better monitoring of prosecution cases in progress at various places.
This information was given yesterday in the Lok Sabha by Dr. M. Veerappa Moily, Minister of Corporate affairs.