The Serious Fraud Investigation Office (SFIO) will have powers to investigate and prosecute corporate entities under the Companies Bill, 2011, expected to be cleared by the Union Cabinet before Diwali.  The bill also envisages rotation of company auditors for higher accountability, corporate social responsibility, a more effective regulation of related party transactions and stricter provisions to prevent siphoning of funds through subsidiary and associate companies.  The government expects the bill to modernise,...

-The Indian Express   With corruption emerging as a national issue, the government on Wednesday unveiled a host of steps as part of its anti-graft drive, including setting up of 71 fast-track special CBI courts, fixing of a limit of three months to grant sanction for prosecution of “tainted” officials, and abolishment of discretionary powers enjoyed by ministers — as recommended by a Group of Ministers on corruption. Announcing that the government has...

-IBN   Fresh controversy is set to erupt over Comptroller and Auditor General (CAG) Vinod Rai's loss estimates on the 2G spectrum sale. CAG documents accessed through Right to Information Act (RTI) by accused show that CAG overruled its own auditor on 2G loss calculation. According to Director General Audit (Post & Telecommunications) RP Singh the issue of Unified Access Service (UAS) licences and allotment of 2G spectrum caused a loss of Rs...

Investigating and law enforcement agencies are concerned over the growing number of attempts to misuse Right to Information (RTI) to settle personal scores and animosities, and make personal gains. A senior official from one of the investigating agencies told Business Standard that serious concerns were raised in several meetings convened by the government with the Income Tax Department, the Central Bureau of Investigation (CBI) and others in the recent past. “It has...

-The Hindu   Leaning heavily on a secret note on 2G pricing prepared by the Union Finance Ministry and sent to the PMO with Finance Minister Pranab Mukherjee's approval, Janata Party president Subramanian Swamy on Wednesday urged the Supreme Court to order a CBI probe against Union Home Minister P. Chidambaram for his role in the sale of valuable spectrum at throwaway prices. The 25 March 2011 document, written by P.G.S Rao, Deputy...