Over eight years after it was set up by an executive order in the wake of the securities scam,the Serious Fraud Investigation Office (SFIO) will get statutory status next year. Due to certain reasons,despite our commitment,we havent been able to give statutory authority to SFIO. But,in the new Companies Bill,which I hope to table in the winter session of Parliament,we have included a chapter aimed at removing this anomaly. We propose to give SFIO the power to investigate corporate crimes,make arrests,if required,seize assets and file cases in the courts, Corporate Affairs Minister M Veerappa Moily told The Indian Express. The new Bill aims to arm SFIO with the power to issue letters rogatory in cases where a company has businesses abroad,Moily said. Ministry sources said Chapter 14 of the proposed Companies Bill,2011,which deals with inspection,inquiry and investigation into affairs of errant companies,details the powers,jurisdiction and authority of the SFIO after the new Companies Act replaces the current,1956 version. The SFIO,set up on October 1,2003,currently does not have a separate statute to govern its functioning. In recent years,it has investigated important cases such as the Satyam scam.
